To gain more trust and raise reputation, many companies address auditing firms to review their activity. Recently, Gemini, licensed digital asset exchange based in New York, did the same and applied to Deloitte, one of the “Big Four” auditing firms, to conduct a security compliance audit.
As a result, Gemini has successfully completed the SOC 2 Type 1 examination and confirmed its status of a company with a high level of security compliance in protecting customer data and funds.
— Gemini (@Gemini) January 29, 2019
According to the American Institute of Certified Public Accountants (AICPA), “SOC 2 examinations are specifically designed to address controls at a service organization relevant to the systems at the service organization used to process users’ data”.
As Gemini stated, their mission is to build the future of money, and the SOC 2 review is an important step towards raising the bar for consumer protection, safeguards, and industry best practices. The company said that Deloitte inspected the design of security controls within the exchange to ensure it met the criteria set by the AICPA.
“This included a review of Gemini’s exchange application, infrastructure, and underlying customer database, as well as its institutional-grade cryptocurrency storage system that custodies the private keys of Gemini’s online and offline wallets.”
SOC 2 examinations were originally released in 2011 by the American Institute of Certified Public Accountants (AICPA). They were introduced as an extension of the pre-existing SAS 70 audits, checking the way that companies secure their networks, infrastructure, customer data, and finances.
For Gemini, completion of the audit is a significant step that makes the company the world’s first cryptocurrency exchange and custodian with this level of security compliance.
“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 is at stake when you trade and store crypto. That is why, in addition to our SOC 2 Type 1 review, we are also committed to obtaining our SOC 2 Type 2 review in 2019. This additional level of assurance will further validate the effectiveness of our internal controls.”
As the company has promised, a SOC 2 examination will be performed on an annual basis in order to demonstrate their “ongoing commitment to safeguarding your data and cryptocurrency”.
Gemini is a licensed digital asset exchange and custodian built for both individuals and institutions. Founded in 2014 by Cameron and Tyler Winklevoss, Gemini operates in the United States, Canada, the United Kingdom, South Korea, Hong Kong, and Singapore. The founders of Gemini are well-known for their optimism about Bitcoin ambitions to make Bitcoin ETFs a reality.
The company has its own currency, the Gemini dollar. It is a cryptographic token built on the Ethereum Network according to the ERC20 standard for tokens.
In December 2018, Gemini introduced its mobile app to facilitate crypto trading for users of Android and iOS devices. The gemini app can be used for purchasing and selling cryptocurrencies, tracking market prices, viewing users’ own portfolios value, setting price alerts, and for other activities related to crypto trading.
Among the options offered by the app is also providing people with an opportunity to buy all coins listed on the exchange simultaneously. This Gemini’s basket order feature is called Cryptoverse.