The award, from an unnamed external auditor, follows on from a year-long process to complete the initial stages of security compliance.
Blockchain security firm BitGo has gained a further security certification from an external auditor after a review of its compliance, cryptocurrency industry news resource The Block reported on April 23.
BitGo, which last year gained a service organization control (SOC) 2 Type 1 certification from Deloitte, has now upped its procedures to conform to the Type 2 requirements of the same standard.
SOC 2 is a universal reporting framework, and Type 2 is known as “Controls at a Service Organization Relevant to Security, Availability, Processing Integrity, Confidentiality or Privacy.”
This January, cryptocurrency exchange Gemini announced that it had completed an SOC 2 Type 1 certification, which ensures that it has met the service criteria set by the American Institute of Certified Public Accountants in regards to confidentiality, security, privacy, processing integrity and availability.
“Building confidence in the cryptocurrency marketplace means having the highest level of controls and processes in place to attract and expand institutional investment,” The Block quotes BitGo’s CSO, Tom Pageler, as saying.
At the time of the Type 1 award in July 2018 — which involved a year-long process — BitGo explained that client assurances formed the main impetus behind its efforts.
“The report assures our clients that we have procedures and controls in place to provide a secure and reliable platform,” Robin Verderosa, vice president of product marketing, wrote in an accompanying blog post from last year. Verderosa wrote:
“We believe this will become a standard throughout the industry as the cryptocurrency market continues to mature, and we’re proud to be one of the first to provide such an assurance.”
Last week, a joint survey from the company focused on the high uptake of cryptocurrency by global endowment funds.