Gemini crypto exchange obtains SOC certification

• The well-known brothers of the Gemini Cryptocurrency custodian platform have recently obtained a new security qualification called SOC 1 type 1. 
• In a blog post published earlier this week, Gemini became the world's first Cryptocurrency custodian that was granted a service organisation control type one certification.  

The well-known brothers of the Gemini Cryptocurrency custodian platform have recently obtained a new security qualification called SOC 1 type 1. 

In a blog post published earlier this week on the 21st of April by the head of risk for the company, Yusuf Hussain, Gemini became the world's first Cryptocurrency custodian and platform that was granted a service organisation control type one certification.

Passing the SOC 1 review meant that the financial operations for Gemini and customer reporting controls comply with the requirements set by the American Institute of Certified Public Accountants. In a nutshell, this means that the examination proved that the platform is capable of mitigating the risk of a significant error, data loss, or omission. The risk head further said:

“While vital to both our exchange and custody platform, the SOC 1 Type 1 is particularly important to our exchange operations, which execute a significant volume of complex financial transactions for our customers. The SOC 1 Type 1 validates the design and implementation of those operations and the integrity of their corresponding reports.”

There are a few other cryptocurrency projects that have also gone under the valuations of the SOC. One of the biggest crypto platforms in the world based in the United States, Coinbase, and its subsidiary Coinbase Custody procured a SOC 2 type 2 and a SOC 2 type 2 report by major accounting firm Grant Thornton.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!