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 companyâ€™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 aÂ governance platformÂ for on-chain voting, months afterÂ introducingÂ stellar inflation and tezos staking 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.
Read more:Â Crypto Custodian Anchorage Teases Growth Plan With 2 Executive Hires
â€œWhat sets the Anchorage report apart is a heavy emphasis on our ability to prove exclusive control, confidentiality and availability of private keys,â€ said Jennifer Lee, head of compliance.
Anchorage said it will be working with 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 theyâ€™re an examination of a companyâ€™s controls over a period of time whereas Type 1 evaluations are of a particular point in time.