Coineal to Become First Financial Trading Platform in the World to Offer Real Time Financial Reporting and Continuous Assurance
Auditchain, the developer of the world’s first decentralized continuous audit and real time financial reporting protocol ecosystem announced that it has partnered with Coineal, a leading digital asset exchange and IEO launchpad, to integrate the DCARPE Assurance and Disclosure Protocol into the Coineal exchange platform.
Coineal will join the DCARPE Alliance and cooperate toward implementing the DCARPE Assurance and Disclosure Framework into the Coineal digital asset exchange platform. Coineal will create a top tier listing category reserved for issuers of digital assets who provide high levels of transparency in real time using the DCARPE Assurance and Disclosure Protocol.
The DCARPE Explorer will be integrated via API and enable Coineal users on its exchange and IEO launchpad platforms to access continuous audit and real time financial reporting data for issuers of digital assets who launch and trade on Coineal.
The DCARPE Alliance is a global consortium of members of the accounting, audit, financial reporting, legal, investment, blockchain and academic communities. The Alliance is segmented in four categories;
- Financial Reporting & Assurance
- Legal and Regulatory
Auditchain; the founding member of DCARPE Alliance is leading the development of the DCARPE Assurance and Disclosure platform along with other members in the technical category.
DCARPE Alliance members also provide thought leadership and education to investors, enterprises, assurance providers and regulators about continuous assurance and real time financial reporting using the DCARPE Assurance and Disclosure platform.
A comparison between traditional assurance and the DCARPE methodology is made using the following analogy; “Tentative external validation by a single node in a single state channel occurs once every 90 days with block confirmations by the same node occurring only once a year. Only a fraction of transactions are included in this process. The DCARPE Assurance methodology is when issuers of digital assets submit to continuous external validation of 100% of all system events and transactions by a network of assurance providers (nodes) on a blockwise basis which can be as frequently as every minute”.
Jason Meyers, Founder of Auditchain stated: “We are happy to partner with Coineal and have them as a member of the DCARPE Alliance. Digital assets need real time transparency. It’s up to all exchanges to require it. We are excited that Coineal is taking this major step and setting an example for all other exchanges as a responsible gatekeeper in the crypto space”. We look forward to cooperating together.”
Aaron Chen, CEO of Coineal concluded: “Crypto investors everywhere should be really happy about this. We want all of them to be well informed. The efforts of Auditchain and the DCARPE Alliance should be a requirement for every exchange listing. The sustainability of the digital asset space depends on real time transparency and assurance for all crypto projects. We are proud to be a part of this movement and help lead the crypto space toward maturity”
About DCARPE Alliance:
DCARPE™ Alliance is comprised of members of the accounting, audit, financial reporting and blockchain community. The DCARPE™ Alliance was formed to collaborate with its members and invite thought leadership on matters such as regulation, implementation, scaling and adoption of the DCARPETM assurance and disclosure platform. The DCARPE™ Alliance will hold events and symposiums as well as educate the investment, enterprise and regulatory community about the benefits of continuous audit and real time reporting using the DCARPETM Assurance and Disclosure platform.
Auditchain is the founding member of the DCARPETM Alliance and is leading the development of the world’s first Decentralized Continuous Audit & Reporting Protocol EcosystemTM for digital asset and enterprise assurance and disclosure. Auditchain is developing a public blockchain ecosystem populated with CPAs and Chartered Accountants who externally validate enterprise system and controls and financial condition on a continuous basis and in near real time. The DCARPETM Explorer is a subscription based public block explorer that renders financial statements and audit analytics in real time to subscribers.
Coineal is a world leading global digital asset exchange, established by experienced blockchain investors in early 2018. Coineal, is the seventh largest digital asset exchange by adjusted volume.