Digital asset management service Heybit(Uprise Global, Inc) announced that it completed its periodic asset due diligence for the third quarter of 2023.

This asset due diligence was the first one to take place after the renaming of the long-standing customer-favored fixed income product “Harvest” to the new name “Earn,” which had been providing competitive interest rates among the flexible deposit and withdrawal products.

The Q3 due diligence was conducted by Changchun, an accounting firm, overseeing the entire due diligence process as of October 5, 2023.

Heybit has consistently conducted quarterly asset due diligence starting from December 2021. These due diligences involve procedures such as confirming digital asset debt and quantity, as well as verifying the physical existence of digital assets, checking wallet addresses for various platforms that operate digital assets, examining customer deposit and withdrawal data, and reviewing the processing systems.

According to Heybit’s “2023Q3 Digital Asset Due Diligence Report,” as of the inspection date, the accounting firm has verified that it holds more than 100% of the quantity of digital assets to be paid to customers, including the contracted interest. They also confirmed that there are no issues related to the soundness and liquidity of assets on a per-asset basis, including the on-time withdrawal of digital assets that customers have deposited.

Heybit stated regarding this asset due diligence, “Amid ongoing concerns for customers from the bankruptcy of large exchanges last year to the bankruptcy of some CeFi companies, Heybit will continue its efforts to enhance trust in the market and urge self-regulation in the industry, even after the global relocation of services.”

On the other hand, a representative of the accounting firm Changchun, which conducted the asset due diligence, explained, “The digital asset due diligence procedure does not constitute an audit or a review of financial statements according to accounting supervision standards. However, it holds significance in that it can be an indicator on how much the digital asset deposit service provider values transparent and responsible management.”

For more details on this quarterly due diligence report, you can refer to Heybit’s official announcements at Heybit’s website (https://www.heybit.com).

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Company Name: Uprise Global, Inc.
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Country: South Korea
Website: https://www.heybit.com