Posted: March 8, 2024 10:06 AM Updated: March 8, 2024 10:06 AM
Correction and fact check date: March 8, 2024, 10:06 AM
briefly
Transak has become System and Organizational Controls (SOC) 2 Type 2 compliant, becoming the first encryption on/off ramp provider to achieve that status.
Transak, a Web3 payment onboarding infrastructure provider, has achieved Systems and Organizational Controls (SOC) 2 Type 2 compliance after completing an extensive audit process, making the company the first cryptocurrency on-off ramp provider to achieve this status. Announced.
“Successfully completing the audit process for SOC 2 Type 2 compliance is another key element on Transak’s belt and highlights our commitment to providing the highest level of data privacy and security in the web3 industry. This is a groundbreaking achievement that reaffirms our resolve to ensure our customers can always trust our ability to keep their most sensitive data safe,” said Sami Start, CEO of Transak.
During the audit, Transak examined its technology platform and processes over several months. Completion of this process means that Transak’s payment processing infrastructure, software, policies, procedures and data controls have been verified to meet global data privacy and protection standards.
Compliance with the new regulations will allow the company to build partnerships with leading companies in a variety of industries, including technology, cloud services, finance, and healthcare, to ensure safe processing of their customers’ data, including their personal information.
SOC 2 Type 2 is a globally recognized security standard developed by the American Institute of Certified Public Accountants (AICPA) that specifies organizations’ requirements for the security of consumer data and mitigating risks such as unauthorized access, security breaches, and other vulnerabilities.
Transak Achieves Security Milestone
Founded in 2019, Transak is a global web3 payments and onboarding infrastructure provider that simplifies conversions between traditional financial and cryptocurrency assets. Once integrated into the Web3 platform, Transak streamlines user onboarding, KYC, risk monitoring, compliance, and customer support to enable users to buy or sell cryptocurrencies.
With licenses and compliance certifications across the US, UK, India and the European Union, Transak has been integrated into web3 applications including MetaMask and Coinbase Wallet. The platform integrates 256-bit SSL encryption and state-of-the-art identity verification capabilities to deliver high security standards.
Recently, we obtained another certification for our information security management system. The new ISO/IEC 27001:2022 certification means Transak adheres to the highest levels of risk management and data processing compliance.
Through SOC 2 Type 2 compliance, Transak aims to ensure the highest level of data privacy and security for users and pave the way for strategic partnerships with leading companies across various sectors in Web2 and Web3.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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