Transak Secures Web3 with Historic SOC 2 Compliance

FinanceFeeds Editorial Team

Transak, a key player in Web3 payment solutions, has set a new standard by becoming the first global crypto on- and off-ramp service to secure SOC 2 Type 2 compliance. This milestone not only enhances the security and trust in the Web3 sector but also opens doors for collaboration with major regulated firms.

Transak featured

Transak, a frontrunner in the Web3 payments landscape, supported by major backers including Consensys and various notable banking institutions, has recently achieved SOC 2 Type 2 compliance. This certification is a testament to Transak’s commitment to ensuring the highest levels of data security, privacy, and trustworthiness, facilitating a smoother onboarding process to Web3 for both individuals and businesses. This achievement distinguishes Transak as the first global crypto on- and off-ramp infrastructure provider to meet such stringent compliance standards.

The attainment of SOC 2 Type 2 compliance is crucial for providers in the crypto space due to the sensitivity of the personal and financial information they handle. This certification signifies compliance with the strictest global regulatory requirements, essential for minimizing cybersecurity risks and maintaining consumer confidence. Transak’s accomplishment heralds a significant shift, encouraging Web2 companies to venture into Web3 collaborations, especially with industries that have traditionally been cautious due to the lack of compliance and security benchmarks in the Web3 ecosystem.

Transak’s compliance with SOC 2 Type 2 is not merely a milestone for the company but a pivotal moment for the entire cryptocurrency and Web3 community. It signifies a move towards establishing a compliant, secure, and trustworthy environment within the sector, encouraging other startups and entities to follow suit. The extensive audit that led to this compliance involved a thorough review of Transak’s technological platforms, processes, and data management practices, ensuring adherence to the highest standards of data privacy and protection as defined by the American Institute of Certified Public Accountants (AICPA).

Moreover, Transak’s focus on security and privacy is further underscored by its recent acquisition of the ISO/IEC 27001:2022 certification, the gold standard for information security management systems. This emphasizes the company’s commitment to aligning with the rigorous standards of traditional financial services, incorporating advanced security measures such as 256-bit SSL encryption and sophisticated identity verification systems.

The significance of achieving both SOC 2 Type 2 and ISO/IEC 27001:2022 compliance cannot be overstated. It reassures both Web2 and Web3 partners of Transak’s dedication to embedding enterprise-level security measures throughout its operations, ensuring the responsible management of data in accordance with global standards. Since its foundation in 2019, Transak has prioritized data security, privacy, and transparency, facilitating the transition from traditional finance to digital assets. Through its API, decentralized applications can easily integrate Transak’s services, enabling users from over 160 countries to trade digital assets, including cryptocurrencies and NFTs, without navigating the complexities of KYC, risk monitoring, and compliance.

“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.”

Transak stands as a comprehensive Web3 payment and onboarding infrastructure provider, making it easier for users globally to engage with digital finance. Its services include fiat-to-crypto conversions, smart contract solutions, and NFT checkout options, supporting a wide range of crypto assets across numerous blockchains. Trusted by more than 350 applications, including major platforms like MetaMask and Coinbase Wallet, Transak is at the forefront of making Web3 applications more accessible and secure.

For additional information about Transak’s offerings and their impact on the Web3 ecosystem, interested parties are encouraged to visit their website or follow their updates on Twitter.

Read this next

Chainwire

Velocity Labs and Ramp Network facilitate fiat to crypto onramp on Polkadot via Asset Hub support

Velocity Labs is proud to announce a fiat to crypto onramp using Ramp Network through the integration of Asset Hub. Through it, Ramp will be able to service any parachain in the Polkadot ecosystem.

Executive Moves

INFINOX hires Mayne Ayliffe as Global Head of HR

“I look forward to working with our teams around the world to develop a strategic HR agenda that supports high performance and is centred on human motivation.”

Fintech

Sterling to provide risk and margin support for fixed income

“Firms must have the tools to effectively manage their risk across all asset classes. As yields rise, we see more exposure from clients in the fixed income space. We understand their need to measure and mitigate risk in a highly regulated environment.”

Retail FX

FXOpen launches HK share CFDs: Tencent, Alibaba, Xiaomi, Baidu

Hong Kong share CFDs will be commission-free for a limited period of time.

Retail FX

IronFX Celebrates an Award-Winning Start to 2024 with a Series of Industry Recognitions

IronFX, a global leader in online trading, has embarked on 2024 with a spectacular display of accolades that highlight its commitment to excellence and innovation in the competitive financial services sector.

Industry News

FIA urges CFTC to regulate use cases rather than AI itself

“We urge the CFTC to refrain from crafting new regulations that generally regulate AI because this approach presents certain well-known pitfalls. By approaching the issue from the perspective of AI as a technology, rather than the use case for the technology, corresponding regulations would likely necessitate a definition of AI. We anticipate that any attempt to properly define AI would be very challenging and require considerable resources.”

Education, Inside View

The Power of Public Relations in Finance: Shaping Perceptions & Building Reputation

It’s safe to say that the finance industry has faced its share of reputation crises over the years, from the 2008 financial collapse to the many scandals around irresponsible lending, political corruption, and even Ponzi schemes. 

Digital Assets

Crossover’s crypto ECN executed over $3 billion in Q1 2024

“Our growth is also driving continued increases in the percentages of trades that are ‘Order Crossing Order’ (OXO). Currently, roughly 10% of all trades executed on CROSSx are OXO, another differentiator in our platform’s capacity. This capacity and our unique execution model provide value to both the market maker and taker, as evidenced by our commercial model.”

blockdag

BlockDAG’s Explosive Presale Hits $20.3M In April Swaying Investors From XRP’s Price Trends Upward, & Polygon’s NFT Market

Learn about BlockDAG’s impressive $20.3M presale results, XRP’s price increase prospects, and the booming NFT market on Polygon among the top 10 cryptocurrencies.

<