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Armanino to Build Real-Time Dashboard for TrustToken, brings Trust-as-a-Service (TaaS) to Blockchain

Armanino to Build Real-Time Dashboard for TrustToken, brings Trust-as-a-Service (TaaS) to Blockchain

Armanino announced its partnership with TrustToken to build a solution that will add transparency and trust to digital assets.

Armanino is one of the top 25 accounting firms as ranked by INSIDE public accounting. TrueUSD (TUSD), a project by TrustToken, is an ERC20 stablecoin is backed by the U.S. dollar. It is fully legally secured and verified by third-party attestations. Every TUSD is 100 percent collateralized by USD and held in professional trust firms and banks.

The newly announced solution by Armanino connects third-party escrow accounts with U.S. dollars which can be used to collateralize TrueUSD tokens. Armanino's solution plans to run its own ETH nodes to ensure the accuracy of the outstanding TrueUSD token supply.

This new real-time dashboard for TrueUSD funds builds more transparency into TrueUSD stablecoin and will also provide third-party confirmations

Executive Opinion

Partner-in-charge of Armanino’s Blockchain practice, Andries Verschelden, said, “Blockchain technology is all about enabling us to transact in a trustless peer-to-peer way. It’s important to us to build products that further advance this mission. Through our dashboard we will create direct transparency into the marketplace and increase trust for all users, thus allowing a wider adaptation of this important product."

“At Armanino we want to advance the audit function into the digital age. This means relying on technology to increase speed and effectiveness in bringing trust to our community,” said Scott Copeland, partner-in-charge of Armanino’s Audit practice. “We are excited to build new innovative solutions to this. Blockchain technology provides the perfect framework to facilitate this process.”

Co-founder and head of engineering and product at TrustToken, Rafael Cosman, said, "We are thrilled to be working with Armanino to offer traders the highest degree of trust in our products. This sets a new standard not only for stablecoins but for all tokenized assets in the future. Over the past year, we have learned the value of trust and transparency for the success of TrueUSD. With the real-time confirmation of funds provided by one of the world’s leading accounting firms, traders will know at all times that their tokens are backed by real-world value."

Dashboard Availability for TrueUSD

As part of the announcement, TrustToken also noted that they have reduced the minimum TrueUSD purchase and redemption amount to USD 1,000.

TrustToken has also brought a 1-click redemption process where verified users can send TUSD tokens to their personal redemption address from any wallet and US dollars are automatically wired to their bank account. This process can be automated for trading desks to remove manual entry which is not possible with any other stablecoin in the market, notes the announcement.

Armanino dashboard for TrueUSD will be available by early April 2019. Anyone will able to monitor TrueUSD token balances and collateralized funds on the Armanino website.

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Mandar is a seasoned software professional for more than a decade. He is Cloud, AI, IoT, Blockchain and Fintech enthusiast. He writes to benefit others from his experiences. His overall goal is to help people learn about the Cloud, AI, IoT, Blockchain and Fintech and the effects they will have economically and socially in the future.

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