Coinbase Custody Completes SOC 1 & SOC 2 Examinations

Cryptocurrency alternate platform Coinbase introduced earlier this week that Coinbase Custody completes two System and Group Controls (SOC) examinations. The examinations, SOC 1 Kind 2 (SOC 1) and SOC 2 Kind 2 (SOC 2) have been carried out for the interval of July 1, 2019 to December 31, 2019. Coinbase claims that Coinbase Custody is the primary crypto custodian to achieve each of those experiences.

“Being the primary crypto custodian to be issued each the SOC 1 Kind 2 and SOC 2 Kind 2 experiences is one more milestone demonstrating our dedication to being the world’s most trusted and compliant custodian of crypto belongings. These experiences construct on our earlier compliance milestones achieved independently of Grant Thornton LLP. Paired with our industry-leading, complete insurance coverage insurance policies, these affirmations provide our purchasers peace of thoughts in the case of the storage, accounting and compliant care of their digital belongings.”

Coinbase additionally reported that because it transfer ahead, it would proceed to carry out common SOC 1 and SOC 2 examinations to keep up the identical stage of rigorous safety and oversight requirements that has established it as a “true institutional-grade custodian.” The platform added:

“For our purchasers, these experiences spotlight the procedures and safety now we have in place on our custodial platform. They reinforce that Coinbase Custody’s system necessities, service commitments, and information safety safeguards meet the rigorous requirements mandatory to supply a secure custody answer to our purchasers all through the crypto ecosystem.”