BDO Australia takes on first new audit client in the crypto derivative space – BitOrb

06 November 2019

Australia’s fastest growing mid-market accounting and professional services firm, BDO, has announced its first audit client in the crypto-derivatives sector, global cryptocurrency derivatives exchange, BitOrb.

BitOrb is a platform that facilitates the trading of crypto derivatives, and currently provides perpetual futures contracts, where the value is derived from and dependent on the value of an underlying asset. BitOrb will look to add more products in future, including options and warrants.

BDO’s Global Leader for Fintech, Tim Aman said: “One of the biggest barriers holding institutional investors back in this market is the lack of transparency about the quality of digital assets. By providing comprehensive audit and assurance services for companies such as BitOrb, we can help introduce new investment into this asset class.”

“With the global derivatives markets valued at around 1200 trillion US dollars, there is a growing need for companies to provide investors with independent assessment of their activities and BitOrb has been proactive in their corporate approach to the market since the beginning.”

“BDO will undertake a range of services for BitOrb including: financial statement audits, controls assurance reports, anti-money laundering counter-terrorism and fraud independent reviews, accounting advice, and board governance support,” Mr Aman said.

Lim Hoong-Teng, Co-founder and CEO of BitOrb said: “Providing transparency is a fundamental part of our vision at BitOrb. With BitOrb partnering with BDO, one of the worldwide leading Assurance and Advisory firms, we see this as great step for the industry with regards to transparency. This will provide comfort for our Shareholders, Orbyt Token holders and any users of the exchange.”

“We want to create a platform that is easy to use so that more investors can take part in this exciting investment sector.”

BitOrb has a footprint in Mauritius, Singapore and Malaysia.