Yield App Assets Grow 40% Over Q4 as Platform Passes Armanino Audit press release
PRESS RELEASE. ESTONIA — 03 FEBRUARY 2022 —Yield App, a FinTech company and digital asset wealth management platform, has published its 2021 Q4 report, showing the firm continuing on a strong growth trajectory that saw its managed assets grow by 40% from Q3 to reach $475 million. In addition, the platform has published the results of an inspection by leading global auditor Armanino that shows its assets firmly in the black.
The firm, which recently celebrated the launch of a revamped “V2” platform, said managed assets increased by 40% from $339.4 million at the end of September to $475 million by 31 December. This marks a bold first year for the passive income provider following its public launch in February 2021 and which has included a heavy-weight partnership with UK premier league football club West Ham United.
Over the year, Yield App said it paid more than $29 million to its customers in USDC, USDT, ETH, BTC, and YLD earnings rewards combined. Yield App customers can earn up to 18% on their digital assets, according to their membership Tier.
The final quarter of the year saw Yield App publish the results of an audit by Armanino, one of the top 25 largest independent accounting and audit firms in the United States engaged by many leading blockchain firms, which shows Yield App’s assets exceeding its customer liabilities: an important milestone for the young digital wealth manager.
Commenting on the results of this important audit, Justin Wright, Yield App’s Chief Financial and Chief Operations Officer, says: “As previously stated in our Q3 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 the purpose of 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 business activities as we grow.”
Asian and European customers grow as $70 million BTC added to Yield App
Yield App, which recently celebrated the launch of a revamped “Version 2” (V2) of its platform, said its global customer base grew by 19% to 71,356 in Q4 of 2021. The company said it observed strong growth across Asia and Europe in 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 in the five days the portfolio was opened (10-15 October 2021). The platform pays a market-leading rate of up to 12% p.a. on BTC.
The firm added that its Bitcoin offering also accounted for some of its strongest inflows over 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 31 December 2021 – representing a market value of $70,067,612.
Tim Frost, CEO of Yield App, says: “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 platform for 70,000 customers to date.
“Following the successful launch of V2 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 offering.
“While Yield App experienced incredible growth in 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 Q4 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 www.yield.app.
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