Gemini Successfully Completes Deloitte Audit

'
gemini

Gemini, the Crypto custodian and exchange has announced the successful completion of the SOC (System and Organization Controls) 2 Type 1 examination conducted by the auditing firm Deloitte.

Gemini Successfully Completes The SOC2 Type 1 Examination

The Crypto exchange and custodian which was founded by the Winklevoss twins, Cameron and Tyler, announced through a Medium post that the examination was conducted as part of a larger security compliance review being carried out by the auditing firm. Deloitte and Touche LLP is among the four biggest auditing firms in the United States. Gemini has boasted of being the first Crypto based firm to successfully complete this test.

Going by the criteria established by the AICPA (American Institute of Certified Public Accountants), the SOC 2 test is aimed at addressing and analysing the controls at a service organization pertinent to the service organization’s systems utilized for the purpose of users’ data processing.

The Crypto exchange and custodian also stated that the auditing firm also conducted an independent assessment of its exchange application, the infrastructure Gemini uses, and the system of storage used to hold the online and offline wallets’ private keys for the exchange’s users. The SOC 2 Type 1 examination is part of the independent assessment being carried out by AICPA on the company’s security controls.

Gemini Striving Towards The Validation Of Its Internal Controls

Going by the contents of the Medium post are committed to and will be looking into initiating and completing a Type 2 examination this year. The difference between the two tests is that while the Type 1test assesses the security controls of a system at a particular date, the Type 2 examines the security controls of a system over a period of time. Gemini is looking to validate further how effective its internal controls are through this additional examination slated to take place in the course of the year.

Gemini has been seen to be putting a lot of effort towards validating its systems and establishing itself as a trustworthy service provider to its clients and potential investors. It has lately been striving to provide similar services that are geared towards building up a reputation as an exchange that is not only easy to use for the users but one that they could consider as being trustworthy.

Last year, in October, the head of risk at Gemini Yusuf Hussain made the announcement that the company would be offering an insurance cover for the funds being stored in hot wallets. The insurance coverage would include the current pass-through deposit insurance by the FDIC (Federal Deposit Insurance Corporation), which fiat funds qualify for.

The Gemini Mobile App

Two months ago, in December, Gemini unveiled its Mobile App. The app, which can be accessed through the Android Google Store and Apple’s App Store, facilitates the buying, selling, sending and receiving of digital currency. The app also allows users to view the prices in the market and establish their portfolio value, put price alerts as well as buy orders. Users are also able to access the Cryptoverse, a basket with the digital currencies available on the platform.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Share via