On Thursday, STASIS announced BDO Malta as its statutory audit partner. BDO Malta will provide interim quarterly and annual statutory audits for STSS Malta Limited. Additionally, they will provide weekly cash reserve verification, up until a pre-agreed point in time – an unprecedented level of third-party verification in the stablecoin space.
STASIS now provides EURS token-holders with four streams of reserve verification: daily statements provided by STASIS; weekly cash verification by BDO Malta; interim quarterly and annual statutory audits by BDO Malta; and on-demand access to STASIS’ books for an onboarded partner.
STASIS has done everything within its power and control to ensure it brings the highest standard of trustworthiness and confidence to the verification of its reserves, further elevating the EURS token as the most reliable option in a growing stablecoin industry.
BDO’s global organization includes 1,500 offices in 162 countries and territories, which cooperate closely and share the same operating principles and quality standards. As such, the firm offers clients a deep understanding of local markets and specific industries.
“For any industry to succeed in the long run, financial integrity is a must,” said Sam Spiridonov, Audit Partner at BDO Malta. “Stablecoins are no exception.”
For every EURS stablecoin in circulation, STASIS holds a fiat euro as collateral in the reserves. These reserves allow EURS holders to be confident that the digital asset will maintain price parity with the euro. As such, it is extremely important that the reserves are transparent and routinely verified.
“As part of our mission to make cryptocurrency markets safe and accessible for institutional investors, we understand the importance of reducing counterparty risk at every stage of the process,” says Gregory Klumov, CEO of STASIS.
“By working with such a well-respected firm, we will be able to provide investors with an unrivaled level of confidence in the EURS token. No other EURO stablecoin provider offers such robust verification streams.”
STASIS aims to provide institutional investors with access to the new digital asset class ushered in by cryptocurrencies. The company’s team has deep experience in finance, technology and regulation, including launching the first bitcoin fund in 2012 and working with the Maltese government to help shape the nation’s virtual currency legislation.
BDO Malta is a member firm of BDO International – “The Leader for Exceptional Client Service.”
BDO Malta is a fully fledged corporate services firm assisting international and Maltese clients in transactions, tax, licensing for regulated businesses, fintech and ICOs, company administration, advisory and consulting as well as other corporate requirements.