One of the main Bitcoin payment providers of the market, BitPay, has recently undergone a security and confidentiality audit, which was done by Aprio, which confirmed that the crypto company was compliant with the Service Organization Control 2 (SOC 2) standard. The SOC 2 is a technology audit that is used to assure that a company keeps the data of the user in a private way.
Dan Schroeder, a partner of Aprio, affirmed that BitPay did meet the standards and that it protected the data of its customers very well. In an age in which people are often concerned about security, the company made an important move.
Over a month ago, BitPay introduced several new protective measures that were used to upgrade the platform. For instance, people needed to present their photo ID with a social security number or passport, something that was not needed before.
Part of the reason why the company needed to prove that it was compliant with the SOC 2 standards was that now it is holding a lot of sensible information for its clients, so they need to trust it even more. Most people in the crypto community are also very skeptical of giving their details to the company, so the company was criticized for upgrading the security measures this way.
In related news, BitGo also recently received a SOC 2 certification after it was audited by Deloitte. More and more companies are looking to be certified as they want to be trusted by the clients.