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.

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