Nikolas Sargeant
Transak, the leading Web3 payments onboarding infra provider, announced on Thursday, March 7th, that it has achieved System and Organization Controls (SOC) 2 Type 2 compliance.
In a press release shared with Cryptowisser, the company, which is backed by Consensys and funds representing notable banks like UOB of Singapore, SBI Holdings, and Sygnum, said it achieved this incredible feat after successfully completing an extensive audit process with flying colors.
The achievement also represents a key milestone for Transak that highlights the company’s steadfast commitment to providing unparalleled data security, privacy and trust for customers, as part of an elevated user experience that streamlines onboarding to Web3 for individuals and organizations alike.
The team said this latest development means that Transak is the world’s first crypto on- and off-ramp infrastructure provider to achieve SOC 2 Type 2 compliance.
Why the SOC 2 Type 2 Compliance is Important
According to the Transak team, achieving SOC 2 Type 2 compliance is important for crypto on-ramp providers since they are required to handle extremely sensitive personal and financial information, and there can be severe consequences if it falls into the wrong hands.
This implies that crypto on-ramp providers need to comply with the strictest global regulatory requirements in order to mitigate cyber risks and maintain user trust.
The SOC 2 Type 2 compliance achieved by Transak also paves the way for numerous web2 companies to partner with Web3 entities. Prior to this latest development, many established organizations have been hesitant to enter Web3 due to the industry’s lack of compliance and security standards. However, with Transak, it has become easier for these companies to enter the Web3 ecosystem.
A Crucial Milestone For Web3
The team pointed out that SOC 2 Type 2 compliance is not only important for Transak but for the wider crypto space since it helps to bolster Web3’s image as a compliant and secure industry, setting the standard for other startups to follow.
To achieve this certificate, Transak had to undergo an extensive, months-long inspection of its technology platforms and processes. By completing this process, Transak’s payments processing infrastructure, software, policies, procedures and data controls have been verified to meet the most rigorous global standards on data privacy and protection.
Transak Focuses on Security and Privacy
This latest development comes a few weeks after Transak achieved ISO/IEC 27001:2022 certification, which is seen as the gold standard for information security management systems. The certification showed that Transak meets the highest level of compliance for risk management and data handling.
By achieving SOC 2 Type 2 and ISO/IEC 27001:2022 compliance, Transak shows that it has implemented enterprise-grade security into every aspect of its operations, providing peace of mind that its data is being handled responsibly and in line with established global standards.
While commenting on this latest development, Sami Start, CEO of Transak, said,
“Successfully completing the audit process to obtain SOC 2 Type 2 compliance is another key notch in Transak’s belt, underscoring our dedication to providing the highest level of data privacy and security in the Web3 industry. It’s a milestone achievement that reaffirms our determination to ensure customers will always trust in our ability to ensure their most sensitive data is kept secure and safe.”
Transak has been around since 2019 and remains committed to providing data security, privacy, and transparency of transactions to its users. dApps can integrate Transak’s platform via an API to enable their users to buy and sell digital assets like Crypto and NFTs in more than 160 countries, abstracting away the complexity of KYC, risk monitoring and compliance, and seamlessly onboarding them into Web3.
Transak is a global web3 payment and onboarding infrastructure provider, facilitating seamless transitions between traditional finance and crypto assets. The company offers numerous products including fiat-to-crypto services (On/Off-Ramps), a fiat-to-smart-contract solution (Transak One), and a fiat-to-NFT checkout solution. As a regulated, non-custodial payments layer, Transak supports onboarding to 180+ crypto assets across 75+ blockchains.
