Armanino’s Former Digital Asset Business Member Establishes New Company for Cryptocurrency Audit and Authentication

03/01/2023 14:26 • Metaverse Matters • 92 views

On March 1, the former digital asset business member of Armano, an accounting firm, established the new company The Network Firm, which is engaged in providing audit, authentication and related work for customers of cryptocurrency companies. People familiar with the matter said that Armanino’s past cryptocurrency customers include the stable currency project TrueUSD, the cryptocurrency exchange Kraken, the digital asset lending platform Nexo and the investment company CoinShares.

The former digital asset business member of Armano, an accounting firm, founded The Network Firm

Analysis based on this information:

On March 1st, it was announced that the former digital asset business member of Armanino, one of the top 25 accounting firms in the United States, launched a new company focused on providing audit and authentication services for customers of cryptocurrency companies. The Network Firm, as the new company is called, plans to assist the cryptocurrency industry to achieve regulatory compliance and increase transparency.

The Network Firm has a team of professionals with extensive experience and knowledge of the cryptocurrency industry. They will be providing services such as financial statement audits, SOC 2 and 1 reports, penetration testing, and system and organization controls reviews. The firm aims to ensure that their clients’ financial statements are in compliance with accounting standards and regulations, provide transparency on the security of their clients’ systems and data, and reduce the risk of fraud.

According to sources familiar with the matter, Armanino’s past cryptocurrency clients include some of the biggest names in the industry such as TrueUSD, Kraken, Nexo, and CoinShares. These clients are expected to be among the Network Firm’s first customers.

The establishment of The Network Firm comes at a critical time for the cryptocurrency industry, which has been struggling to address security and regulatory compliance issues. The dramatic surge in the value of different cryptocurrencies over the past year has led to increased scrutiny from regulators and lawmakers. Several high-profile hacks and frauds have also highlighted the need for better security measures and transparency in the industry.

The Network Firm’s decision to focus on audit and authentication services is a strategic move that can help rebuild trust in the industry. By providing third-party validation of the financial statements and security of customer’s assets, it can help companies avoid regulatory penalties, protect customers’ data, and enhance investor confidence.

In conclusion, The Network Firm’s establishment is a positive development for the cryptocurrency industry. Its focus on audit and authentication services will help address some of the key challenges facing the industry, improve transparency and security, and contribute to the long-term growth and development of the industry.

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