Fordefi, a financial technology and software company, today announced that it has completed its SOC 2 Type II certification by Ernst & Young in accordance with the American Institute of Certified Public Accountants’ (AICPA) standards for SOC (Service Organization Control). Fordefi is the first and only institutional DeFi wallet to be granted this standard of certification. This achievement validates Fordefi’s focus on the security necessary for institutions to hold digital assets and safely transact in DeFi.
“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.”
This SOC 2 Type II certification comes at a time of market demand for security measures that will further encourage institutional adoption of DeFi. The certification builds on increasing momentum and growth for Fordefi, which publicly launched their platform in November of 2022. Over the past several months, Fordefi has announced the onboarding of new clients Keyrock, a leading digital asset market maker, and web3 and crypto venture investment firm Defiance Capital. Fordefi has also introduced several key new features to its offering, including the launch of the Fordefi Wallet API, Transaction Risk Alerts, Bridge Transaction Enrichment and its Token Allowance Manager.
The SOC 2 designation represents a higher level of operational security and reports on controls at a service organization relevant to security, availability, processing integrity, confidentiality and privacy. A SOC 2 Type II audit is performed by an accredited CPA firm and verifies that all the necessary safeguards are in place to protect customer data and that the safeguards are operational. The report is used by customers and stakeholders to gain confidence and place trust in a service organization’s system.
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