Crypto Custodian Anchorage Will get SOC 1 Safety Certification With Large four Auditor EY
Crypto services provider Anchorage said it received third-party certification that the controls supporting its financial reporting and operations are adequately secure.
The SOC 1 Type 1 report is granted after an independent third-party audit of a company’s internal systems and controls supporting client financial reporting, in addition to exclusive control of private keys.
Achieving SOC 1 Type 1 certification is a milestone for San Francisco-based Anchorage, which has spent much of the past two years building out its services. In October 2019 it added a governance platform for on-chain voting, months after introducing Stellar inflation and Tezos staking (called “baking”) to clients holding either crypto asset.
This past January Anchorage launched a crypto platform for its institutional investors and acquired data analysis firm Merkle Data.
“What sets the Anchorage report apart is a heavy emphasis on our ability to prove exclusive control, confidentiality, and availability of private keys,” said Jennifer Lee, head of compliance.
Anchorage said it will be working EY, which conducted the SOC 1 Type 1 certification process, to complete Type 2 evaluations on a regular basis. Type 2 certifications are considered more rigorous as they’re an examination of a company’s controls over a period of time whereas Type 1 evaluations are of a particular point in time.