Yield App official statement on FTX.

10 Nov 2022, 08:09

Yield App official statement on FTX Over the past few days, we have once again witnessed extreme volatility in the crypto ecosystem. We would like to reassure you that all assets in Yield App portfolios remain safe and secure, and our platform continues to operate as usual. We can confirm that Yield App has no exposure to Alameda or the FTT token, and no significant exposure to FTX. Our investment strategies involve allocations to institutional, fully regulated fund managers who undergo our rigorous due diligence process. As part of their KYC and AML requirements, these external managers and fund administrators require the use of a variety of tier-one exchanges as a gateway. One of these exchanges was FTX, and we have in the past held assets on the exchange from time to time for this purpose. Despite the volatile market background, Yield App remains in good health and continues to build a world-class comprehensive digital wealth platform, having recently completed an Armanino proof of reserves audit. Last week, we announced a partnership with Trovio Group for the launch of the Trovio DeFi fund, powered by Yield App, and are also working towards the launch of our Digital Wealth product suite for qualifying investors. In addition, we can confirm we have recently raised $16.4m in funding as part of our ongoing $50m Series A round. We firmly believe in the long-term opportunities for digital assets and will continue to navigate the landscape accordingly, despite the challenges that come with any evolving innovative technology and industry. We thank you for your continued support and look forward to serving you for years to come. Sincerely yours, Tim Frost