Cohen and Company Publish Latest Independent Attestation Audit of TrueUSD Funds
By Luke Flowers – Cryptocurrency Speculator
Cohen & Company, the firm behind the independent audit of the bank accounts holding the collateral for TrueUSD, have released their latest finding on the TrustTokens stablecoin. An independent audit was chosen to provide users with greater transparency and reassurance that their funds are secure and fully backed.
The accounts were last audited on the March 31 and Cohen & Company released a statement supporting that the TrueUSD issued and in circulation, is fully collateralised with USD holdings in their bank accounts. This provides users with the reassurance of selling crypto or Bitcoin and have it exchanged into USD through the TrueUSD token.
TrustToken has a strong commitment to compliance shown by their choice in using an independent third-party certified public accounting firm. By using a regulated entity that is separate from their own operation, TrustToken can build trust between their users who may doubt the legitimacy of some cryptocurrency operations. This is established further when considering that Cohen & Company has no financial interest in TrustToken or its affiliates.
TrueUSD is the first asset-backed token created on the TrustToken platform that allows the exchange of USD directly with an escrow account without having to trust the hidden bank account of a company. Escrow accounts were chosen due to their legal contracts for asset management and enabling periodic attestation. Open-source smart contacts are used to ensure a 1:1 parity between TrueUSD and the USD. Due to this transparency, users will be able to cash out crypto to fiat of any tokens in circulation as they are all fully backed.
TrustToken has released plans to introduce TrueGBP, the next stablecoin to be released by the firm and fully collateralised by a fiat currency. Users in the UK or elsewhere could use this token to cash out Bitcoin or sell crypto to exchange out into GBP.
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