BitGo Receives Security Certification from ‘Big Four’ Auditor

Crypto wallet and Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term security company BitGo has gained a service organization control (SOC) 2 Type 2 certification from an external audit firm, Coindesk reported.

This is the extension of the SOC 2 Type 1 certification which BitGo received last year from Deloitte & Touche LLP after year-long scrutiny. Other than BitGo, Winklevoss twins-operated Gemini also received the first stage of certification from the same auditor.

The SOC certification ensures the internal security measures of companies. In the Type 1 certification, the audit firm checks whether the company in question has established all the necessary security measures, whereas the next step verifies whether it is following the established security standards.

Gaining the trust of the community

BitGo is claiming that it has become the first crypto-related company to a security certification of this level. The company, however, did not reveal the name of the audit firm.

Commenting on the achievement, Top Pageler, chief security officer of the firm, told Coindesk: “There is no legal requirement for us to do that. It’s done to legitimize the industry, to let people see that we are treating our work seriously. Our customers would come to us and they want to know who audits us and what is the set of controls we hold ourselves to.”

The details of the reports are not publicized as it contains much sensitive security information of a company.

Founded in 2013, BitGo operated originally as a bitcoin wallet provider but then branched out into other Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. It's patent multi-signature wallet technology has attracted institutional players because it offers an enterprise-grade custody service for their assets as well as application programming interface access to its underlying security platform.

Earlier this year, BitGo revealed that it bought an insurance cover of up to $100 million from Lloyd’s of London to protect its clients' funds in case of an attack on its wallet platform.