The financial technology and software business Fordefi announced today that it has successfully completed its SOC 2 Type II certification by Ernst & Young in compliance with the AICPA’s criteria for SOC (Service Organization Control). The first and only institutional DeFi wallet to receive this level of accreditation is Fordefi. This accomplishment supports Fordefi’s focus on providing the security required for organizations to safely keep digital assets and conduct DeFi transactions.
“Security is a central tenant of the Fordefi value prop and is built into the very fabric of our offering,” said Josh Schwartz, CEO and Co-Founder of Fordefi. “The rigorous review process for SOC 2 Type II compliance underscores how seriously we take security as a critical factor in our relationship with customers, providing them even greater confidence that their assets are being securely stored and protected. As the first wallet to achieve this level of certification, Fordefi is ready to usher in a new era for institutional DeFi.”
Its SOC 2 Type II accreditation comes at a time when there is a growing need on the market for security measures, which will promote the institutional use of DeFi even more. The accreditation adds to Fordefi’s growing momentum and growth when their platform was made publically available in November 2022. Fordefi has announced the addition of numerous new clients recently, including web3 and cryptocurrency venture capital company Defiance Capital and Keyrock, a well-known market maker of digital assets. In addition, Fordefi has launched the Fordefi Wallet API, Transaction Risk Alerts, Bridge Transaction Enrichment, and its Token Allowance Manager, among other significant new features.
A service organization’s controls relating to security, availability, processing integrity, confidentiality, and privacy are covered in reports with the SOC 2 certification, which denotes a higher degree of operational security. A qualified CPA firm conducts a SOC 2 Type II audit to confirm that all essential measures are in place and functioning to secure client data. Customers and stakeholders utilize the report to increase their trust in a service organization’s system.
