Transak Becomes First Global On/Off-Ramp To Achieve SOC 2 Type 2 Compliance

The industry-first achievement is a significant moment for the Web3 industry, paving the way for it to collaborate with some of the world’s most heavily-regulated companies 

Miami, Florida  / March 7th, 2024  / Transak, the leading Web3 payments onboarding infra provider backed by backed by Consensys and funds representing notable banks like UOB of Singapore, SBI Holdings, Sygnum, has achieved System and Organization Controls (SOC) 2 Type 2 compliance after successfully completing an extensive audit process with flying colors. 

It 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. Transak’s achievement means it is the world’s first crypto on- and off-ramp infrastructure provider to achieve SOC 2 Type 2 compliance.

The Need For SOC 2 Type 2 compliance

Being officially recognized as SOC 2 Type 2 compliant is of paramount importance for crypto on-ramp providers especially, because they are required to handle extremely sensitive personal and financial information, and there can be severe consequences if it falls into the wrong hands. As such, it’s necessary to comply with strictest global regulatory requirements in order to mitigate cyber risks and maintain user trust. 

With its achievement, Transak paves the way for hundreds of Web2 companies to collaborate with Web3. Until now, many established organizations have been hesitant to enter Web3 due to the industry’s lack of compliance and security standards. However, Transak is now able to collaborate with some of the world’s largest and most heavily-regulated companies, including those in the technology, cloud services, financial and healthcare industries, which traditionally prioritize working with SOC 2 Type 2 compliant partners. They do this to ensure that their data, and by extension their customer’s personal information, is handled securely and in compliance with the strictest global standards. 

A Key Moment For Web3

Today's milestone is therefore not only important for Transak, but also for the wider crypto space as it helps to bolster Web3’s image as a compliant and secure industry, setting the standard for other startups to follow. 

The SOC 2 Type 2 audit process saw Transak 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.  

SOC 2 Type 2 was established by the American Institute of Certified Public Accountants (AICPA) as an industry-leading and global security standard that specifies how organizations should safeguard consumer data to prevent any unauthorized access, security breaches and other vulnerabilities.

Transak’s Dedication To Security and Privacy

The achievement comes just weeks after Transak achieved ISO/IEC 27001:2022 certification, which is seen as the gold standard for information security management systems, signifying that it meets the highest level of compliance for risk management and data handling. Transak is dedicated to maintaining the same rigorous standards as traditional financial services providers, and integrates 256-bit SSL encryption, state-of-the-art identity verification and a host of other high-level security features into its platform.

With so many security risks in the Web3 industry, it has become imperative for service providers to safeguard their customer’s sensitive personal and financial information. By achieving SOC 2 Type 2 and ISO/IEC 27001:2022 compliance, Transak reassures Web2 and Web3 partners that it has implemented enterprise-grade security into every aspect of its operations, providing peace of mind that their data is being handled responsibly, in line with established global standards. 

“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,” said Sami Start, CEO of Transak. “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.”

Since being founded back in 2019, Transak has made its commitment to data security, privacy and transparency one of the cornerstones of its mission to facilitate the seamless transition from traditional finance to digital assets. Decentralized applications 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 onboard them into Web3. Its unwavering dedication to security and compliance is exemplified by an array of license and compliance certifications obtained in countries such as the U.S., U.K., India and Poland, EU.

About Transak

Transak is a global web3 payment and onboarding infrastructure provider, facilitating seamless transitions between traditional finance and crypto assets. Web3 platforms using Transak can embed the best way to onboard users by enabling them to buy or sell crypto assets from 160+ countries, as Transak abstracts away the complexity of user KYC, risk monitoring, compliance, payment methods and customer support.

Transak’s product suite includes robust 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. Trusted by over 350+ applications, including MetaMask and Coinbase Wallet, Transak is making web3 applications more accessible.

 

For more information, visit https://transak.com/ or follow us on https://twitter.com/Transak.