New York-based digital asset security firm Fireblocks has successfully completed a major examination carried out by Big Four auditing firm Ernst & Young (EY).
Fireblocks, which provides an institutional-grade platform for secure transfer of blockchain-based digital assets, received the Service Organization Control (SOC) 2 Type II certification performed by EY, the firm said in a press release shared with Cointelegraph on Dec. 19.
Following multiple EY inspections, which reportedly took more than six months, Fireblocks is now recognized as a company providing technology and services that meet existing strict security and data protection laws worldwide. As such, global Fireblocks’ customers can be sure that their data is protected and compliant with their company controls, policies and regulatory requirements, the firm claimed in the announcement.
Fireblocks is in talks with financial players on Wall Street
The new certification will purportedly allow Fireblocks to attract more financial players as Fireblocks has already entered talks with Wall Street firms, a representative of Fireblocks confirmed to Cointelegraph. The names of new potential partners could not be disclosed because these conversations are in progress, the spokesperson said.
Michael Shaulov, CEO and co-founder of Fireblocks, emphasized the importance of the fact that the company was examined by a third party to prove that Fireblocks stands “above and beyond the highest industry standard.” The SOC report will be tracked on an annual basis to ensure that the platform is operating in compliance with guidelines that span technology architecture, development and other operations, the press release notes.
At least 20 crypto exchanges including OKEx and HitBTC integrated
Since launching in June 2019, Fireblocks has secured over $9 billion in digital asset transfers, Fireblocks CTO and co-founder Idan Ofrat said.
As reported by Cointelegraph, the firm was launched out of stealth mode with $16 million in funding secured from high-profile investors including Eight Roads, the investment arm of major investment management firm Fidelity International. Fireblocks’s platform was integrated with 20 cryptocurrency exchanges like OKEx and HitBTC as of September 2019 and reportedly has crypto merchant bank Galaxy Digital as one of its customers.