Gemini – the digital asset platform founded by Tyler and Cameron Winklevoss, has become the first cryptocurrency exchange and custodian to complete Deloitte’s SOC 2 security compliance examination.
Winklevoss’ Gemini and Deloitte
According to an official blog post, Gemini had engaged with Deloitte & Touche LLP in order to execute a SOC 2 Type 1 – a Security Operations Consulting process aimed at demonstrating high levels of security compliance in the field of customer data and funds protection. The exchange has managed to complete it successfully.
Deloitte & Touche LLP is a Big Four company which was named a global leader when it comes to Security Operations Consulting (SOC) back in 2016.
Per the blog post, Deloitte had performed an external and independent evaluation of the implementation and design of Gemini’s security properties. Namely, the security company reviewed the cryptocurrency exchange’s infrastructure, application, underlying customer database and the institutional-grade storage system for cryptocurrencies.
After completing the Type 1 audit ,Gemini is set to undergo the SOC 2 type 2 review in 2019.
We feel strongly that this standard of compliance is what all retail and institutional consumers should expect of their cryptocurrency exchange and custodian. We know what’s at stake when you trade and store crypto. – Reads the post.
Making Progress
Back in September 2018, Tyler and Cameron Winklevoss received regulatory approval for their stablecoin – the Gemini dollar. It was granted by the New York Department of Financial Services (NYDFS).
As such, it became one of the only stablecoins which have been officially regulated.
Additionally, later that year, the Gemini cryptocurrency exchange obtained digital asset insurance. It was made possible through Aon – a professional services company which provides a range of different risk, health, and retirement solutions.
Commenting on the above, Yusuf Hussain, Gemini’s Head of Risk, said:
Consumers are looking for the same levels of insured protection they’re used to being afforded by traditional financial institutions.Educating our insurers not only allows us to provide such protections to our customers, but it also sets the expectation for consumer protection across the crypto industry.
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