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The Gemini Winklevoss Twins' Exchange announced that it has successfully pbaded a Type 1 Type 1 exam, organized by the Deloitte accounting firm, according to SOC-2, which it considers a "factor" of approval eventual of their Bitcoin ETF petition.
The product of Gemini, it's the trust
Gemini's stated mission is to provide its customers with a secure platform for the exchange and storage of their cryptocurrency. According to Gemini, "this is paramount for our mission to build the future of money".
To improve its security controls, in 2018, Gemini engaged Deloitte & Touche LLP, one of the four largest auditors, to conduct a Type 1 SOC-2 exam.
SOC-2 is based on trusted service criteria, which focus on non-financial reporting controls. In particular, SOC-2 reviews the effectiveness of the controls in place to minimize the security, availability, processing integrity, confidentiality, and confidentiality risks of a system. SOC 1 deals with the effectiveness of financial reporting controls.
The SOC-2 exam focused on the Gemini Exchange: Gemini Exchange's underlying application, infrastructure and customer database, as well as Gemini's institutional storage system that stores the private keys of the Gemini Exchange. portfolios online and offline.
As a result, on January 29, 2019, following the review, Gemini announced:
This makes Gemini the world's first cryptocurrency and custodian to demonstrate this level of security compliance for data protection and client funds.
"The product of Gemini is TRUST", Cameron Winklevoss added. "We have added an additional level of confidence by becoming the FIRST Crypto EXCHANGE and CUSTODIAN in the world to carry out a Deloitte SOC 2 study."
Winklevii remains committed to Bitcoin ETF
The Winklevoss twins created Gemini in 2014 in New York, where the company is licensed as a trust, subject to the fiduciary and capital standards. Gemini is also subject to stringent cybersecurity standards.
In this connection, Forbes Stresses the importance for Gemini to pbad the SOC-2 exam,
Their bet can still bear fruit with the new announcement that Gemini has obtained the SOC exam for type 1 service organizations, typically reserved for financial services companies or the most stringent technologies.
Winklevoss twins' trust in Bitcoin remains strong, as is their commitment to SEC approval of their Bitcoin ETF application. In fact, becoming the first scholarship to pbad the SOC-2 exam could give the board more reasons to approve its COIN-traded fund.
In early January 2019, they declared in a Reddit does not ask me anything session,
We are committed as always to making an ETF a reality! The United States Securities Exchange Commission (SEC) may consider the Gemini SOC-2 report to be a favorable factor for the potential approval of Winklevoss's request for a Bitcoin ETF.
Given Gemini's efforts to improve security, is the SEC now more likely to approve its Bitcoin ETF? Let us know your thoughts in the comments below!
Pictures courtesy of Twitter /@winklevoss, Shutterstock
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