To be able to emerge as a leading entity especially as an exchange in intangible space like crypto assets, gaining trust and building a faithful image are a must. A known cryptocurrency exchange, Gemini, developed by Winklevoss brothers namely Cameron and Tyler seems firmly committed to the security measures.
The firm has reportedly gone through a critical third-party test of its security and structure. It is a Service Organizational Control (SOC) 2 audit in which Gemini exchange has been tested. The primary purpose to get into this audit is to make sure that the firm complies with the service criteria set by the American Institute of Certified Public Accountants (AICPA). Most of the criteria are regarding confidentiality, security, privacy, processing integrity and availability.
These type of security test is generally conducted by only massive financial firms. Gemini exchange will be the first crypto exchange to take such security-related audit. It was carried out with the help of a firm among ‘Big Four’ group, Deloitte. The auditing firm Deloitte considered Gemini’s exchange app, customer database, infrastructure and the storage system where the exchange stores the keys of online and offline wallets. Regarding this, Gemini’s Head of Risk Yusuf Hussain firmly noted, “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.”
However, the exchange is not done with security measures yet. The firm will also complete the second level of SOC 2 type 2 later in this year. The step indicates that in this era security and reliability are the basic ideas to follow in the crypto market. Recently, Gemini initiated a new ad campaign concerning improved regulation of the crypto economy. On this, Chris Roan, The head of marketing at Gemini stated, “We believe that investors coming into cryptocurrency deserve the exact same protections as investors in more traditional markets, adhering to the same standards, practices, regulations and compliance protocols.” The ad campaign featured slogans like “crypto needs rules” and “money has a future.” One of the slogans addressed Gemini exchange as “crypto without chaos.”