Press Release. Estonia – February 3, 2022 – Yield App, a financial technology company and digital asset wealth management platform, has released its fourth quarter 2021 report, showing that the company continues its strong growth trajectory, with its assets under management up 40% from the third quarter to $475 million. In addition, the platform released the results of an examination by Armanino, a leading global auditor, showing that its assets are firmly in the black.
The company recently celebrated the launch of its improved "V2" platform, reporting a 40 percent increase in assets under management from $339.4 million at the end of September to $475 million on Dec. 31. This marks a bold first year for the passive income provider following its public launch in February 2021, which included a heavyweight partnership with English Premier League soccer club West Ham United.
Over the course of a year, Yield App says it has paid out more than $29 million in USDC, USDT, ETH, BTC and YLD earnings rewards to its customers. Depending on the membership level, Yield App customers can earn up to 18% from their digital assets.
In the last quarter of the year, Yield App announced the results of an audit by Armanino, one of the 25 largest independent accounting and auditing firms in the U.S., hired by many leading blockchain companies, indicating that Yield App's assets exceed its clients' liabilities: an important milestone for the young digital wealth manager.
Commenting on the results of this important audit, Justin Wright, Chief Financial Officer and Chief Operating Officer of Yield App, said, "As we previously reported in the third quarter, we have engaged Armanino, the global leader in digital asset audit solutions, to conduct a thorough review of our assets.
"This partnership is designed to provide Yield App's clients, potential clients, regulators and business partners with additional transparency and assurance over the assets we hold as reserves for outstanding client liabilities. As we grow, we will continue to work with Armanino and other third party accredited service providers to publish biennial independent reports on our group's business activities."
Asian and European customers grow as $70 million in BTC is added to the Yield App
Yield App, which recently celebrated the launch of an improved "Version 2" (V2) of its platform, said its global customer base grew 19 percent to 71,356 in the fourth quarter of 2021. The company said it observed strong growth in Asia and Europe in the last three months of the year, with customer numbers in those regions up 60 percent and 17 percent, respectively.
The company added that the reopening of its Bitcoin portfolio in October contributed significantly to the growth in customer numbers, with 1,439 new customers joining the platform during the five days the portfolio was open (October 10-15, 2021). The platform pays market-leading rates of up to 12% on BTC.
The company added that its Bitcoin product also accounted for the strongest inflows in the last three months of the year, with BTC assets growing nearly 50% from 988 BTC at the end of September to 1,456 as of December 31, 2021 – representing a market cap of $70,067,612.
Tim Frost, CEO of Yield App, said, "This February marked the first year we launched the Yield App globally, and I couldn't be prouder of what we've accomplished today, with nearly $500 million in assets now managed on the platform to date and 70,000 clients.
"With the successful launch of our platform V2, we will launch our android and iOS mobile apps in the first half of 2022: I know our community has been anticipating this for some time, while we add new blockchains and assets and expand our platform conversion offerings.
"While Yield App has experienced incredible growth in our first year, we believe 2022 will be an even bigger, better and more exciting year for our customers and community members, and we look forward to providing further services to everyone."
*Visit the Yield App blog to read the full Q4 report
About Revenue Application
Yield App believes that everyone should have access to the best money making opportunities. Its mission is to unlock the full potential of digital assets, combine them with the most valuable opportunities in all financial markets, and make them available to the world. To achieve this goal, we offer an innovative wealth management platform that connects traditional and decentralized finance in the easiest way possible. For more information, please visit www.yield.app.
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