Armanino and TrustToken Collaborate to Increase Trust in Digital Assets
Business consulting firm Armanino, which just recently launched its new blockchain practice, is moving quickly in the space, announcing it has partnered with TrustToken on a Trust-as-a-Service project. The collaboration intends to increase transparency and trust of digital assets. The goal is to drive use of TrustToken’s TrueUSD stablecoin cryptocurrency through increased visibility and confirmation of funds to support its tokens in real time using Armanino’s hosted dashboard.
Cryptocurrency is still looking for a real entry into mainstream markets, largely because of instability and a disconnect between perceived and real value. In order for digital assets to become more widely accepted, they need to build trust.
The TrustToken team includes vast technology and financial expertise, including members from Stanford, UC Berkley, Airbnb, Goldman Sachs, PayPal, and Google. It is backed by a several accredited investors, including 16z crypto, BlockTower Capital, Danhua Capital, Founders Fund Angel, GGV Capital, and Jump Capital, among others. With that level of expertise, it’s not surprising it is looking to build trust in ways other cryptos have not been able to.
“Over the past year, we have learned the value of trust and transparency for the success of TrueUSD,” said Rafael Cosman, co-founder and head of engineering and product at TrustToken. “With 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.”
The TrustToken platform is designed to enable easy buying and selling of asset-backed tokens on a 1:1 basis. TrueUSD its first stablecoin and can be redeemed for US dollars. TrustToken plans to introduce additional fiat currencies in the future. One of the keys is the funds are held in escrow with trusted banks, so TrustToken doesn’t actually have access to the funds, eliminating possibility of manipulation and fraud. The Armanino dashboard connects directly to these escrow funds to ensure accuracy and transparency.
“Blockchain technology is all about enabling us to transact in a trustless peer-to-peer way,” said Andries Verschelden, partner-in-charge of Armanino’s Blockchain practice. “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.”
While there’s still a long way to go in creating true trust and mass adoption in consumer and enterprise markets, the expertise behind TrustToken position it well to driving the market.
The next edition of The Blockchain Event will take place February 12-14, 2020 in Ft. Lauderdale, Florida. If you’d like to share your blockchain experiences with a growing community of business leaders and blockchain project developers, the call for papers is currently accepting submissions.
