Cryptocurrency exchange and custodian firm, Gemini, has announced that it is the first of its kind to indicate top-level security compliance in the cryptocurrency space with the fulfilment of SOC 2 Type 2 Examination.
Following the announcement on January 23, Gemini’s head of risk, Gemini Yusuf Hussain said:
“Type 2 is the highest level of security compliance that any organization can demonstrate.”
Focused on Compliance
Prior to SOC 2 Type 2 Examination, the U.S-based firm attained its SOC 2 Type 1 inspection back in 2019, conducted by “Big Four” auditing company Deloitte. According to Hussain, the auditing giants also administered the SOC 2 Type 2 test. An excerpt from a release noted:
“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.”
In addition, Hussain emphasized that Gemini, as a regulatory-focused firm; is very committed to regulatory compliance and security. He explained the objective of maintaining these high standards is to amass customer trust.
Moreover, Hussein noted that handling security wrongly in the cryptocurrency industry automatically leads to loss of customer funds; while addressing the significance of protection. In particular, the Cameron and Tyler Winklevoss-founded firm launched an advertisement campaign back in 2019 that had several slogans. Indeed, one of the several slogans on placards and buses claimed: “Crypto needs rules.”
Gemini Launches own Insurance Company
In conclusion, the firm launched its own insurance firm earlier this year; to protect customers against any possible loss of digital currencies in its physical vaults. According to the firm, the insurer will protect the clients of Gemini custody. Generally, the cold storage policy protects losses due to inside jobs and collusions and carnage of private keys by natural calamities such as earthquakes and many others.