Gemini Custody and Exchange Obtained Security Certification SOC 1

Must Read

Exclusive Interview With Hex Founder Richard Heart Over Most Prevailing Community Concerns

The cryptocurrency Hex, whose founder is Richard Heart, launched last year on the Ethereum network. The token...

CPPCC Member Puts Forward His Suggestion Of Formulating Blockchain Focused Law

Gong Fuwen, National Committee of the Chinese People's Political Consultative Conference (CPPCC) member, suggests China should focus on...

Bitcoin Mixers: The Firewall Protecting Your Crypto Identity

Bitcoin Mixers, in layman’s terms, can be seen as the firewall that protects an individual from having their...
12593556_10205735480657537_3835976740831778163_o
Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • Gemini, authorized cryptocurrency custodian and exchange has gained a novel security qualification, SOC 1 Type 1.
  • As per an official announcement by the exchange, Gemini stated that the exam was conducted by Deloitte & Touche LLP that supported the platform to verify the genuineness of all financial operations and reporting controls regulating the exchange’s platform.
  • As per the report, Gemini is the first in the industry to attain this level of operational compliance.

An authorized cryptocurrency custodian and exchange, Gemini has gained a novel security qualification, SOC 1 Type 1.

Gemini’s achievement on SOC 1 Type 1 examination

Advertisement


As per an official announcement by the exchange, Gemini stated that the exam was conducted by Deloitte & Touche LLP that supported the platform to verify the genuineness of all financial operations and reporting controls regulating the exchange’s platform.

The System and Organization Controls Examination, abbreviated as SOC, is required for the companies that operate on customer financial reporting. It was organized by the Deloitte & Touche LLP, which is one of the Big Four accounting companies.

As per the report, Gemini is the first in the industry to attain this level of operational compliance. The exchange revealed its excitement by sharing this news on Twitter, saying the company is proud to announce its successful completion of the SOC 1 Type 1 examination by  Deloitte & Touche LLP.

It further added that with this, the platform is now the world’s first cryptocurrency custodian and exchange to demonstrate this high standard of financial operation compliance.

Aiming to build users’ trust

Before this platform, the exam is mostly appeared by traditional financial institutions such as banks.  The exchange further revealed that it would be examined for SOC 1 Type 2, but this time it will be completed yearly.

Some other Crypto firms have undergone SOC evaluation. Recently, the US-based crypto exchange, Coinbase, obtained a SOC 1 Type 2 and a SOC 2 Type 2. Also, a leading crypto payment platform BitPay compliance with the SOC 2 last September.

Through this approach, Gemini is aiming to build trust in the users by experiencing rough exercises to attain the top level of financial operation acquiescence.

Advertisement

Hot News

Exclusive Interview With Hex Founder Richard Heart Over Most Prevailing Community Concerns

The cryptocurrency Hex, whose founder is Richard Heart, launched last year on the Ethereum network. The token since its launch became a...

CPPCC Member Puts Forward His Suggestion Of Formulating Blockchain Focused Law

Gong Fuwen, National Committee of the Chinese People's Political Consultative Conference (CPPCC) member, suggests China should focus on formulating blockchain law.  The reason...

Bitcoin Mixers: The Firewall Protecting Your Crypto Identity

Bitcoin Mixers, in layman’s terms, can be seen as the firewall that protects an individual from having their crypto transactions used against them. ...

A Ten-Fold Hike In Grayscale’s Investment Flagship: An Analysis On The BTC Trust Fund

According to recent reports, Grayscale BTC Trust fund has undergone a ten-fold increase in assets under management on a year-to-year basis. An investment...

Ripple-based banking app Xumm Soon To Open For Mass Adoption

Warren Paul Anderson, product manager Ripple today highlighted “Xumm” (pronounced as a sum) for this developer reflation week. The credit for the development...

Goldman Sachs’s Decision To Address The Hottest Assets In The Market

Reportedly, the American Multinational Investment Bank, Goldman Sachs plans to include Bitcoin as a significant subject in its latest client conference call. The...

Partners

CPPCC Member Puts Forward His Suggestion Of Formulating Blockchain Focused Law

Gong Fuwen, National Committee of the Chinese People's Political Consultative Conference (CPPCC) member, suggests China should focus on formulating blockchain law.  The reason...

Bitcoin Mixers: The Firewall Protecting Your Crypto Identity

Bitcoin Mixers, in layman’s terms, can be seen as the firewall that protects an individual from having their crypto transactions used against them. ...

A Ten-Fold Hike In Grayscale’s Investment Flagship: An Analysis On The BTC Trust Fund

According to recent reports, Grayscale BTC Trust fund has undergone a ten-fold increase in assets under management on a year-to-year basis. An investment...

Ripple-based banking app Xumm Soon To Open For Mass Adoption

Warren Paul Anderson, product manager Ripple today highlighted “Xumm” (pronounced as a sum) for this developer reflation week. The credit for the development...

RELATED NEWS

Exclusive Interview With Hex Founder Richard Heart Over Most...

The cryptocurrency Hex, whose founder is Richard Heart, launched last year on the...

CPPCC Member Puts Forward His Suggestion Of Formulating Blockchain...

Gong Fuwen, National Committee of the Chinese People's Political Consultative Conference (CPPCC) member,...

Bitcoin Mixers: The Firewall Protecting Your Crypto Identity

Bitcoin Mixers, in layman’s terms, can be seen as the firewall that protects...