Gemini has said it became the world’s first cryptocurrency exchange and custodian to demonstrate the highest level of security compliance in the cryptocurrency industry with the completion of SOC 2 Type 2 Examination.
The progress is coming a year after Gemini became the first cryptocurrency exchange and custodian in the world to complete a SOC 2 Type 1.
The SOC 2 Type 1 examination, according to a post by Gemini, assess the design and implementation of system controls, whereas a SOC 2 Type 2 assess if the system control is working as required for a period of time.
“Upon the completion of our Type 1, we publicly committed to following through with a Type 2 examination and — working again with Deloitte & Touche LLP — we’re proud to have achieved this,” Gemini said in a release.
While the exchange will be working towards completing a SOC 2 Type 2 every year, the platform hopes to keep on protecting its customers’ data and cryptocurrency with the asset insurance for its hot wallet and Gemini custody.