GreenBox has consistently challenged the stablecoin industry to fully fund custodial accounts and attest in real time — both are now possible through partnership with innovative accounting and consulting firm Armanino
SAN DIEGO, June 23, 2022 (GLOBE NEWSWIRE) — GreenBox POS (NASDAQ: GBOX), a financial technology company that leverages proprietary blockchain security and token technology to deliver customized payment solutions, has consistently called for improved processes to make the stablecoin industry custodial and transactional — the two elements GreenBox believes are critical to the industry’s long-term success. After completing a long and rigorous process, GreenBox today announced a partnership with accounting and consulting firm Armanino to attest to all GreenBox custodial accounts in real-time.
While GreenBox POS Chairman Ben Errez is complimentary of recent changes from others in the stablecoin industry to continue to move to fully liquid backing as well as more frequent audits, he also stresses that liquid backing and real-time reporting — not simply regular reporting — are critical to both retain customer and retailer confidence and avoid future issues.
“I could not be more pleased to see the stablecoin industry and the regulators move in the direction GreenBox has built our company on since our founding,” said Errez. “We anticipate that with time, major industry players will continue to adopt the principles of real-time reporting and a…
