Yield App has published its fourth-quarter report showing assets of $475 million and a full pass from leading auditor Armanino.
Tallinn, Estonia, Feb. 4, 2022 — Yield App, a fintech company and digital asset wealth management platform, has published its 2021 fourth-quarter report. The firm is continuing on a strong trajectory that saw its managed assets grow by 40% from the third quarter to reach $475 million. Additionally, the platform has published the results of an inspection by Armanino, a leading global auditor, that shows its assets firmly in the black.
The firm, which recently celebrated the launch of a revamped version 2.0 platform, reported that managed assets increased by 40% from $339.4 million at the end of September to $475 million by Dec. 31. This marks a bold first year for the passive-income provider following its public launch in February 2021 that has included a heavyweight partnership with West Ham United, a United Kingdom-based premier league football club.
During the previous year, Yield App said it paid more than $29 million to its customers in USD Coin (USDC), Tether (USDT), Ether (ETH), Bitcoin (BTC) and Yield App (YLD) earnings rewards combined. Yield App customers can earn up to 18% on their digital assets according to their membership tier.
In the year’s final quarter, Yield App published the results of an audit by Armanino, one of the top-25-largest independent accounting and audit firms in the United States, which shows Yield App’s assets exceeding its customer liabilities — an important milestone for the young digital wealth manager.
Justin Wright, chief financial and operations officer of Yield App, said, “As previously stated in our third-quarter report, we have engaged Armanino, the global leader in digital-asset audit solutions, to conduct a thorough review of our assets. This engagement is for offering Yield App’s customers, prospective customers, regulators and business partners additional transparency and assurance over the assets held by us as reserves against outstanding customer liabilities. We will continue to work with Armanino and other third-party accreditation service providers to release bi-annual independent reports across our group’s business activities as we grow.”
Asian and European customers increase as $70 million in BTC added to Yield App
Yield App, which recently celebrated the launch of a revamped version 2.0 of its platform, said its global customer base grew by 19% to 71,356 during the fourth quarter of 2021. The company said it saw strong growth across Asia and Europe during the final three months of the year, with customer numbers up 60% and 17% in these regions, respectively.
The firm added that the reopening of its Bitcoin portfolio in October contributed strongly to growth in customer numbers, with 1,439 new customers joining the platform during the five days the portfolio was open from Oct. 10 to 15. The platform pays a market-leading rate of up to 12% annually for BTC.
The firm added that its Bitcoin offering also accounted for some of its strongest inflows during the last three months of the year, with BTC assets increasing by close to 50% from 988 BTC at the end of September to 1,456 by Dec. 31, representing a market value of $70,067,612 as sourced from CoinGecko.
Tim Frost, CEO of Yield App, said, “February marks one year since we launched Yield App to the world, and I couldn’t be more proud of where we are today, with close to $500 million of assets now managed on the platform for 70,000 customers to date. Following the successful launch of version 2.0 of our platform, the first half of 2022 will see us launch our Android and iOS mobile apps — something I know our community has been looking forward to for some time — while we will also be adding new blockchains and assets and expanding our on-platform conversion offerings. While Yield App experienced incredible growth during our first year, we believe that 2022 will be an even bigger, better and more exciting year for our customers and community members, and we look forward to serving you all further.”
Please visit the Yield App blog to read the full fourth-quarter report.
About Yield App
Yield App believes that everyone should have access to the best earning opportunities. Its mission is to unlock the full potential of digital assets, combine them with the most rewarding opportunities available across all financial markets and make these available to the world. To achieve this, we provide an innovative wealth management platform that bridges traditional and decentralized finance in the easiest way possible. For more information, visit the website.
- Rebecca Jones
- Yield App