The crypto exchange and custodian, Gemini, founded by Cameron and Tyler Winklevoss, has successfully completed the System and Organization Controls (SOC) 2 Type 1 examination. Announced in a Medium post, the test was part of a security compliance review being done by auditing firm Deloitte & Touche LLP.
According to criteria set by the American Institute of Certified Public Accountants (AICPA), the SOC 2 Type 1 test is meant to analyze "the controls at a service organization relevant to the systems at the service organization used to process users' data."
Gemini says Deloitte has performed its own evaluation of Gemini's exchange application, infrastructure, and the storage system that holds the private keys of its users' online and offline wallets. The SOC 2 Type 1 test is part of the AICPA's independent inspection of Gemini's security controls.
The Medium post also explains that the Winklevoss twins are committed to pushing forward and completing a SOC 2 Type 2 examination in 2019. Whereas a Type 1 test evaluates a system's security controls at a specified date, a Type 2 test evaluates the controls over a period of time. Gemini hopes the additional examination will "further validate the effectiveness of our internal controls."
Gemini has been hard at work of late, providing similar services meant to build up a reputation as a trustworthy and user-friendly exchange. In October 2018, the company's head of risk, Yusuf Hussain, announced that Gemini would provide insurance coverage for funds held in hot wallets. The coverage includes existing FDIC "pass-through" deposit insurance that fiat funds are eligible for.
More recently, in December 2018, the exchange launched its Gemini Mobile App. Available on Apple's App Store and Android's Google Play store, the app allows users to buy, sell, send, and receive cryptocurrency; view market prices and the value of their portfolios; and set price alerts and recurring buy orders. The app also gives users access to "The Cryptoverse," which is a basket of cryptocurrencies available for purchase on Gemini.