Elliptic Vault Gets ISAE 3402 Accreditation from KPMG

Elliptic, the UK-based Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term storage firm, has obtained ISAE 3402 accreditation following a review from KPMG.

Elliptic provides a "deep Cold Storage Cold Storage Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Read this Term" vault solution for bitcoins, which keeps them offline and out of the reach of hackers, as well as employing additional physical measures of protection.

For some, the prospect of a physical vault brings more peace of mind than even the most advanced forms of online storage, which now incorporate features like multisignature technology.

In a blog post, Elliptic said that the KPMG review examined the following areas: "Internal access controls, financial controls, regulatory compliance (including AML and KYC processes), disaster recovery, code deployment, segregation of duties and offline bitcoin storage techniques."

Elliptic is the first bitcoin custody provider to obtain such accreditation, which is also obtained by traditional custodian banks. James Smith, Elliptic's CEO, said in a statement:

"KPMG's accreditation is an important milestone. It demonstrates to our customers that we have the rigorous internal processes and controls expected of any traditional financial services provider."

The company counts law firms and hedge funds among its clients, and received $2 million in seed funding in July.

It also says to insure deposits through a "large international underwriter through London's insurance markets." The identity of the underwriter is not known. Previous arrangements with Lloyd's London reportedly did not pan out.