NEW YORK–(BUSINESS WIRE)–Gemini
Trust Company, LLC (Gemini), a New York trust company that is a
licensed cryptocurrency exchange and custodian, has completed a SOC 2® –
SOC for Service Organizations Type 1 examination. This is a significant
security and compliance milestone for the cryptocurrency exchange and
custodian. A SOC 2 examination consists of an independent evaluation of
the design and implementation of system security controls.
The SOC 2 Type 1 examination was performed by an independent,
third-party assurance provider, Deloitte & Touche LLP, and covers the
security and availability of Gemini’s exchange and custody platform. The
SOC 2 Type 1 report can be distributed by Gemini to authorized users of
the Gemini system.
“Gemini is the world’s first cryptocurrency exchange and custodian to
demonstrate this level of security compliance. The SOC 2
Type 1 Report issued by Deloitte & Touche LLP further demonstrates our
commitment to safeguarding our customer’s cryptocurrency and data,” said
Yusuf Hussain, Gemini’s Head of Risk. “Achieving this level of
compliance across both our exchange and custody platform raises the bar
for security and compliance standards of the crypto industry and is what
retail and institutional consumers should require of any cryptocurrency
exchange and custodian they do business with.”
Gemini’s SOC 2 Type 1 report is intended to meet the needs of users that
require detailed information and assurance about the controls
implemented within the Gemini exchange and custody platform. These
controls have been independently inspected to meet the trust services
criteria established by the American Institute of Certified Public
Additionally, Gemini is committed to obtaining its SOC 2 Type 2, a
higher level of SOC 2 assurance, within 2019 to further test the
effectiveness of its internal controls.
Gemini Trust Company, LLC (Gemini) is a cryptocurrency exchange and
custodian that allows customers to buy, sell, and store cryptocurrencies
such as bitcoin, ether, litecoin, bitcoin cash, and zcash. Gemini is a
New York trust company that is subject to the capital reserve
requirements, cybersecurity requirements, and banking compliance
standards set forth by the New York Department of Financial Services.
Gemini was founded in 2014, by brothers Cameron and Tyler Winklevoss, to
build the future of money.
In December of 2018, Gemini extended its trusted platform by launching the
Gemini Mobile App, making trading easy for customers on the go. In
September of 2018, Gemini launched the world’s first regulated
stablecoin, the Gemini
dollar, that combines the creditworthiness and price stability of
the U.S. dollar with blockchain technology and the oversight of U.S.
regulators. In December of 2017, Gemini, in partnership with the Cboe
Futures Exchange, LLC, launched the first-ever bitcoin futures contract.
Gemini was also the world’s first licensed exchange and custody platform
to offer trading and custody services for ether and zcash.
Visit the Gemini blog
for more information.
Head of Communications, Gemini
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Original Release: Business Wire