LONDON, September 23, 2021 — Nexo, the leading institution for digital assets, today announced that one of the 25 largest public accounting firms in the U.S. now provides a real-time attestation* of Nexo’s assets, thus offering unparalleled visibility into Nexo’s finances and showing that the company’s assets exceed its liabilities at all times.
The real-time attestation of Nexo’s assets and customer obligations provided by a PCAOB-certified auditor brings a level of customer security unprecedented in the crypto lending space. The independent attestation also represents a significant milestone in Nexo’s transparency and compliance journey and marks only the beginning of a routine Proof of Reserves program. The next step will allow each client to verify for themselves that their particular assets are included in the daily reports.
The third-party attestation, coupled with the company’s proactive stance on regulation and years of following the traditional licensing procedures around the globe, is testimony to Nexo's resolve and ability to adapt to changing circumstances and to best protect and serve its clients’ interests. This positions the company ahead of the curve as it gears up to join the prime brokerage race, launch its asset management division, and welcome institutional demand as one of the most secure, progressive, and compliant businesses.
“In the long run, the companies that provide their customers the necessary transparency, security and peace of mind, will win. Amidst increased regulatory interest in the cryptocurrency industry, we at Nexo are setting the bar high so as to prove to our clients and investors that the assets entrusted to us are indeed in good hands, a testament to which is the independent attestation. We challenge other lenders and crypto leaders to follow our lead,” commented Antoni Trenchev, Co-founder and Managing Partner of Nexo.
For businesses in the financial sector, customer trust is a foundational block and showing reserves are fully backed goes a long way in further enhancing that trust. With the latest development in the #NexoTransparency campaign, Nexo is pleased to be one of the first crypto lenders to tap the innate auditability of cryptocurrencies and to set an example for others in the crypto industry to follow.
*Nexo is using the term “audit” herein as a short-hand reference for the specific type of engagement and independent accountant’s report. Nexo engaged a top public accounting firm to perform an attest engagement under standards set forth by the American Institute for Certified Public Accountants (AICPA) and to issue an Independent Accountant’s Report on Agreed Upon Procedures (AUP). The attest report includes specific procedures as well as the accounting firm’s findings.
Nexo is the world's leading regulated digital assets institution. The company’s mission is to maximize the value and utility of cryptocurrencies by offering tax-efficient Instant Crypto Credit Lines™, a high-yield Earn Crypto Interest suite, an instant Exchange service, and sophisticated trading and OTC capabilities, while providing the top-tier custodial insurance and military-grade security of the Nexo platform. Nexo has processed $50+ billion for 2,000,000+ users across more than 200 jurisdictions.