Fordefi Becomes First Institutional DeFi Wallet to Earn SOC 2 Type II Certification by Ernst & Young
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Written by: Crest Saechao
New York,March 15, 2023 --Fordefi, a financial technology and software company, today announced that it has completed its SOC 2 Type II certification by Ernst & Young in accordance with the American Institute of Certified Public Accountants' (AICPA) standards for SOC (Service Organization Control). Fordefi is the first and only institutional DeFi wallet to be granted this standard of certification. This achievement validates Fordefi's focus on the security necessary for institutions to hold digital assets and safely transact in DeFi.
"Security is a central tenant of the Fordefi value prop and is built into the very fabric of our offering," saidJosh Schwartz, CEO and Co-Founder of Fordefi. "The rigorous review process for SOC 2 Type II compliance underscores how seriously we take security as a critical factor in our relationship with customers, providing them even greater confidence that their assets are being securely stored and protected. As the first wallet to achieve this level of certification, Fordefi is ready to usher in a new era for institutional DeFi."
The SOC 2 designation represents a higher level of operational security and reports on controls at a service organization relevant to security, availability, processing integrity, confidentiality and privacy. A SOC 2 Type II audit is performed by an accredited CPA firm and verifies that all the necessary safeguards are in place to protect customer data and that the safeguards are operational. The report is used by customers and stakeholders to gain confidence and place trust in a service organization's system.
Fordefi's MPC wallet platform and Web3 gateway enables institutions to seamlessly connect to dApps across a wide range of chains while keeping digital assets secure. Fordefi is the first institutional MPC wallet and security platform built for decentralized finance(DeFi), offering MPC key management, self-serve DeFi policy controls, time-of-transaction smart contract insights, transaction simulation and risk alerts. Fordefi was founded in 2021 bycryptocustody and cybersecurity experts and designed in close collaboration with industry-leading trading firms, funds and custodians. Fordefi is a financial technology and software company with offices inNew YorkandTel Aviv. For more information, visitwww.fordefi.com.
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