Thanks for looking into Brale.xyz closely @Lunacat! Selecting Glo Dollarâs issuer was a highly important decision to us. We diligenced Brale and chose them among a number of candidate issuers, including well-known US custodians.
I agree that their public website isnât best in class, although I disagree that it doesnât withstand any scrutiny. On their website you find their NMLS ID (#2376957) with which you can verify their money transmitter licenses: https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/2376957. Money transmitter licenses have to be obtained on a state-by-state basis, i.e. Brale went to tens of separate diligence processes (a multi-million dollar investment).
The MTLs require Brale to have recurring audits from third party firms which are reviewed by state regulators. This includes the reserve backing of issued stablecoins. It also includes Braleâs own financial condition, compliance audit, penetration testing, SOC2 audit, and smart contract audit. So Brale is definitely regulated, and you can verify this yourself.
In addition to the oversight from state regulators as described above, public third party attestations for Glo Dollarâs reserves are planned for December (with the first one covering November retroactively). Theyâll be published at https://brale.xyz/stablecoins/USDGLO. The Glo Foundation also has audit rights over Brale.
They are spread across multiple US financial institutions. Brale does not publicly disclose them (makes sense, as most US financial institutions avoid crypto associations these days), but the Glo Foundation knows them. It is a diversified set of robust institutions, and one of the key reasons weâre working with Brale.
If youâre wondering how Brale is able to do this, itâs useful to consider the reputable team. Brale is headquartered in Des Moines, IA where the team has been building fintech products for more than a decade. CEO Ben Milne previously founded Dwolla, a company that facilitates over $50B in transaction volume annually. He also served as advisor to a prominent US government financial agency and was a board member at a regional bank. Brale was seeded by Scott Sandell (New Enterprise Associates), Albert Wenger (USV), and Matthew Prince (Cloudflare), all reputable investors. USV was also an investor in Benâs last company, Dwolla.
I hope this addresses your concerns, but please do not hesitate to follow-up if you have further questions