In addition to our "tech-enabled" Proof of Reserves solution, The Network Firm also offers "conventional" Proof of Reserves reporting via periodic CPA attestation reports.
What Conventional Proof of Reserve services does TNF provide?
Being a CPA Firm, The Network Firm can issued "traditional" Proof of Reserve Attestation reports, for stablecoins, asset-backed tokens, ETFs, exchanges, custodians and more!
The reports are completed on a periodically depending on the desires of our client. Instead of using our LedgerLens technology suite to delivery a "tech-enabled" Proof of Reserves output, we use "traditional" CPA methodologies to deliver a CPA attestation report.
What does the output look like?
The Network Firm delivers the following outputs to our clients for our Conventional Proof of Reserves Service.
1. Attestation Reports under CPA Standards
Our attestation reports completed by TNF can be published on your website and made available for download. The attestation reports are issued under standards promulgated by the American Institute of Certified Public Accountants (AICPA) using either the Examination or Agreed-Upon Procedures attestation vehicle.
Example AT-C 205 Attestation Report issued uner AICPA standards
What types of digital asset companies can use Convetional Proof of Reserves?
Essentially, any type of Issuer who issues a "liability" to a customer and holds "assets" in reserve. This means, stablecoins, RWAs, ETFs, and even TradFi platforms like Venmo could benefit for a conventional Proof of Reserves. How do we know Venmo holds the fiat "backing" your account balance?
Can I pair Conventional Proof of Reserves with your On-Chain Proof of Reserves Service?
Yes! In fact, it is encouraged to provide real-time transparency to your "traditional" users expecting a CPA attestation, along with crypto-native users expecting an On Chain Proof of Reserves!
How long does it take to begin reporting with Conventional Proof of Reserves?
The standard timeline to complete the first report is 2 to 3 weeksonce engagement starts. Subsequent reports are typically completed within 3-5 business days after the "snapshot" date.
What is the cost of the service?
90% of conventional attestation reports fall within$6,500 to $12,000 per report. The reporting frequency is usually monthly, but can be quarterly or semi-annual.
What drives the range on costs?
Every Conventional Proof of Reserves engagement is unique. These unique characteristics that drive the range on costs are:
Complexity: which entails how many banks, blockchains, and other data sources we have to consider within the engagement. If you are closer to a “simple stablecoin” with one bank and one blockchain, you would be closer to the lower end of the band of integration and license costs.
Assets Under Attest: The largest the AuA figure, the higher the risk profile as the attestation provider.
