We raised the bar for transparency
Bitcoin companies should be as transparent as Bitcoin - and we are proud to be the first digital asset lending company to complete a Proof-of-Reserves attestation by a top-25 public accounting firm, Armanino LLP. Ledn clients can anonymously verify that their assets are included in the periodic reports.
Proof-of-Reserves Standard
Your assets deserve ongoing transparency - and we are committed to it. We are the first company in the digital asset lending industry to pioneer a third-party proof-of-reserves standard by a public accounting company, and the first to make it a part of our ongoing processes. We believe this should be the standard - so we lead by example.
Accountability
Our Proof-of-Reserves standard covers all client assets and lending operations - providing our clients with confidence that their assets are properly accounted for. The process involves a top-25 public accounting firm that independently observes the total custodial liabilities owed to Ledn clients and the assets that Ledn holds in custody on behalf of clients. All while preserving client privacy.
Learn more about our Proof-of-Reserves
- What is a Proof-of-Reserves attestation?
A Proof-of-Reserves attestation is a process whereby an independent public accountant reviews Ledn's client asset balances, as well as its lending, and custodial balances at a point in time, independent of Ledn's management, to ensure that the company is properly accounting for client assets.
- How does it benefit me as a potential client?
Ledn is the only digital asset lending company to have performed a Proof-of-Reserves attestation by an independent top-25 public accountant, Armanino LLP. As such, Ledn clients can take comfort that their bitcoin and USDC are being properly and accurately accounted for - to the satoshi, and to the cent, at all times.
- What does a Proof-of-Reserves attestation cover?
During a Proof-of-Reserves attestation, a public accounting firm reviews Ledn's client asset balances, its lending operations balances, and its custodial balances, under formal attest standards, to ensure that all client assets are accounted for and that Ledn is able to meet its client obligations.
- How do I know that my assets were included?
If you had any assets on the platform on June 30th, 2022 at 11:59 PM Eastern Standard Time, your assets were automatically included in the Proof-of-Reserves attestation. Once you log into your Ledn dashboard, you will see the report detail's at the bottom part of your screen. It will provide you with a hashed ID and a link to Armanino LLP's TrustExplorer website, where you can input your hashed ID and confirm your balance on platform at the time of the attestation.
- Who is Armanino LLP?
Armanino LLP is a top 25 US Accounting and Consulting firm, and a recognized global leader in digital asset assurance solutions. The firm has been serving crypto-asset clients since 2014 and has created a suite of solutions on the TrustExplorer platform to provide assurance to the industry. TrustExplorer’s Proof of Reserves solution enables users of digital asset service providers to verify their platform account balances were fully reserved at the time of the assessment.
- How is my client data kept private during the Proof-of-Reserves attestation?
Private client information is never exposed to the public accountant during the Proof-of-Reserves attestation process. Ledn creates a unique anonymized hash ID for every client reference number - and for every new attestation. This hashed ID is matched with each account's balances for the attestation. The unique hash ID is then provided to each client with a balance, so that they can verify their balance was included in the attestation on the public accountant's website.
- Can I independently confirm if my balances were included?
Yes, you can. Each client with a balance at the time of the attestation will receive a unique hash ID for the report. Clients can then use the hash ID in the public accountant's website to confirm their balances, at the time of the attestation, were included in the assessment. The public accountant, Armanino LLP, is an independent public accounting and consulting company, and it indendently hosts the TrustExplorer tool that clients utilize to confirm Ledn's attestation results.
- How often does Ledn do Proof-of-Reserves attestations?
We plan to conduct Proof-of-Reserves attestations by independent public accountants at least semi-annually, so every six (6) months. All Ledn clients will be notified whenever a new Proof-of-Reserves attestation is available for their review.
- Why is my Proof-of-Reserves balance different from my dashboard balance?
The balance reflected on the Proof-of-Reserves attestation was your exact balance at the point in time of the report (11:59 PM EST on June 30th, 2022). Because interest is continually generated in our Savings Accounts, and transactions may have occurred since the attestation took place, the balance shown in the Proof-of-Reserves website will be different than your current available balance.