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Consensys-Backed Transak Achieves System and Organization Controls (SOC) 2 Type 2 Compliance

Transak, a leading Web3 payment onboarding infrastructure provider supported by notable entities such as Consensys, UOB of Singapore, SBI Holdings, and Sygnum, has recently marked a significant achievement by obtaining SOC 2 Type 2 compliance.

This certification comes after an extensive and rigorous audit process, underscoring Transak’s commitment to the highest standards of data security, privacy, and trust for its customers. The firm’s accomplishment sets a new precedent in the crypto space, establishing it as the first crypto on- and off-ramp infrastructure provider worldwide to meet this level of compliance.

SOC 2 Type 2 compliance is critically important for providers handling sensitive personal and financial information, necessitating adherence to the strictest global regulatory requirements to mitigate cyber risks and maintain user trust.

This certification is crucial for fostering collaborations between Web2 companies and the emerging Web3 sector. Historically, hesitation from established organizations to enter Web3 has been noted, primarily due to concerns over compliance and security standards.

However, Transak’s compliance achievement now enables partnerships with some of the largest and most stringently regulated companies across various industries, including technology, cloud services, finance, and healthcare.

This milestone not only enhances Transak’s reputation but also serves to improve the overall image of the Web3 industry as compliant and secure, encouraging other startups to follow suit. The SOC 2 Type 2 audit required a thorough examination of Transak’s technology platforms, processes, policies, and controls, ensuring they adhere to rigorous global standards for data privacy and protection.

Further bolstering its commitment to security, Transak also recently achieved ISO/IEC 27001:2022 certification, indicating the highest compliance level for information security management systems.

This, along with SOC 2 Type 2 compliance, reassures partners in both Web2 and Web3 spaces of Transak’s enterprise-grade security measures, such as 256-bit SSL encryption and advanced identity verification protocols.

Transak’s CEO, Sami Start, highlighted the significance of this compliance, reflecting the company’s dedication to safeguarding customer data. Since its inception in 2019, Transak has prioritized data security, privacy, and transparency, facilitating the smooth transition from traditional finance to digital assets. Through its API, decentralized applications can integrate Transak’s platform, enabling users in over 160 countries to buy and sell digital assets like Crypto and NFTs, while simplifying KYC, risk monitoring, and compliance processes. This achievement reinforces Transak’s position as a secure and compliant bridge to Web3, with numerous licenses and certifications across the U.S., U.K., India, Poland, and the EU.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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