Transak Becomes First SOC 2 Type 2 Compliant Global On/Off-Ramp Provider
In Brief
Transak obtained System and Organization Controls (SOC) 2 Type 2 compliance, becoming first crypto on/off-ramp provider to attain the status.
Web3 payments onboarding infrastructure provider Transak announced it obtained System and Organization Controls (SOC) 2 Type 2 compliance after completing an extensive audit process, making the company the first cryptocurrency on- and off-ramp provider to attain such status.
“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,” said Sami Start, CEO of Transak.
During the audit process, Transak underwent an inspection of its technology platforms and processes over several months. The completion of this process signifies that Transak’s payments processing infrastructure, software, policies, procedures, and data controls have been verified to meet global data privacy and protection standards.
With its new compliance, the company can establish partnerships with major corporations across various industries, including technology, cloud services, finance and healthcare —- guaranteeing secure data handling, including customers’ personal information.
The SOC 2 Type 2 is a globally recognized security standard developed by the American Institute of Certified Public Accountants (AICPA) that specifies requirements for organizations on securing consumer data and risk mitigation such as unauthorized access, security breaches, and other vulnerabilities.
Transak Achieves Security Milestones
Founded in 2019, Transak is a global web3 payment and onboarding infrastructure provider that streamlines transitions between traditional finance and cryptocurrency assets. When integrated into Web3 platforms, Transak streamlines user onboarding, KYC, risk monitoring, compliance and customer support, allowing users to buy or sell cryptocurrencies.
Holding licenses and compliance certifications in the United States, United Kingdom, India, and across the European Union, Transak was integrated by web3 applications, including MetaMask and Coinbase Wallet, among others. The platform incorporates 256-bit SSL encryption and state-of-the-art identity verification, enabling high security standards.
Recently, the company secured another certification for information security management systems. The new ISO/IEC 27001:2022 certification signifies that Transak adheres to the highest risk management and data handling compliance levels.
With SOC 2 Type 2 compliance, Transak aims to ensure top-tier data privacy and security for users, paving way for strategic partnerships with major corporations across diverse sectors of Web2 and Web3.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
