Armanino Press Release
Press Release

Armanino Launches Proof of Reserves Solution to Provide Independent Assessment and Reporting for Digital Asset Exchanges and the Public

June 29, 2020
Leading blockchain-enabled assurance tool TrustExplorer™ extended to service industry transparency gap.

SAN RAMON, Calif. (June 29, 2020) – Armanino LLP, one of the 25 largest accounting and business consulting firms in the U.S., today announced it launched a Proof of Reserves service for digital asset exchanges, custodians and crypto lending platforms, enabled through TrustExplorer™, the firm’s flagship digital asset assurance platform. Armanino’s Proof of Reserves solution fills a serious gap in consumer and regulatory transparency regarding digital assets held on behalf of consumers by large, centralized exchanges, custodians and crypto lending platforms.

“The success of digital assets depends on reliable mechanisms of trust and transparency,” said Noah Buxton, director at Armanino. “Bringing off-chain liabilities together with on-chain custodial assets, we again see the importance of the off-chain/on-chain intersection. By creating and evolving best practices for independent third-party assessment and reporting over custodial liabilities, we can bring to the digital assets sphere an infrastructure of trust and transparency that we have come to take for granted in our current financial and banking system.”

With TrustExplorer’s Proof of Reserves, digital asset custodians now have a reliable tool to demonstrate point-in-time reserve ratios to their customers, banking and insurance partners, regulators and prospective institutional partners. One of the most unique features in this new solution is its User Confirmation portal, which allows customers themselves to participate in ensuring that the custodian has included a specific IOU in the aggregated total reserves reviewed in the proof of reserves process.

Armanino performed the first Proof of Reserves assessment for, a top-15 global exchange by daily trade volumes, under attest standards issued by the American Institute of Certified Public Accountants. This first assessment included over 3 million users’ accounts, and tens of millions of dollars in customer custodial assets, answering the long-standing industry call for more transparency and setting forth new best practices for the accounting industry to approach complex custodial, digital asset reserve scenarios.

To learn more about Armanino’s TrustExplorer Proof of Reserves, please visit:

About ArmaninoLLP

Armanino LLP ( is one of the 25 largest independent accounting and business consulting firms in the nation. Armanino provides an integrated set of audit, tax, business management, consulting and technology solutions to companies in the U.S. and globally. The firm helps clients adapt and change in every stage of business, from startup through rapid growth to the sale of a company. Armanino emphasizes smart technology, leading a cloud revolution of financial, operational, sales and compliance tools that are transforming the way companies do business. The firm extends its global services to more than 100 countries through its membership in Moore Global, one of the world's major accounting and consulting membership organizations. In addition to its core consulting and accounting practices, Armanino operates its division, AMF Media Group (, a media and communications services agency. Its affiliate, Intersect Capital ( is an independent financial planning, wealth and lifestyle management firm.

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