Cactus Custody, a prominent provider of institutional digital asset custody solutions, has achieved the SOC 1 Type 1 certification following an independent audit conducted by Deloitte. This accomplishment underscores the company’s dedication to maintaining high operational control standards and delivering secure, compliant custody services.
The comprehensive audit by Deloitte evaluated various aspects of Cactus Custody’s operations, including client account onboarding, fiat and cryptocurrency transactions, and internal system processes. The assessment confirmed the robustness of the company’s financial processing capabilities, encompassing settlement procedures, reconciliation, account management, fee processing, asset valuation, reporting, and the secure management of cryptographic keys throughout their lifecycle across diverse custody storage methods.
Wendy Jiang, General Manager of Cactus Custody, emphasized the significance of this certification: “Achieving SOC 1 Type 1 certification underscores our commitment to robust governance, precise financial management, and secure custody. We prioritize the security of our clients’ assets and maintain strict internal controls to deliver top-tier service. Moving forward, we will promote compliance and transparency, striving to set higher benchmarks in the evolving crypto asset space to enhance trust and satisfaction among our clients.”
The SOC 1 Type 1 certification serves as a benchmark for evaluating the effectiveness of an organization’s internal controls over financial reporting. By obtaining this certification, Cactus Custody demonstrates its capability to safeguard client assets and ensure the accuracy of financial information, thereby reinforcing trust with its clientele.
In addition to the SOC 1 Type 1 certification, Cactus Custody has previously attained the SOC 2 Type 1 certification, also audited by Deloitte. The company is actively working towards achieving the SOC 1 Type 2 report within the current year. These ongoing efforts reflect Cactus Custody’s dedication to enhancing digital asset custody standards, promoting industry compliance, and providing transparent, secure custodial services through regular, independent audits.
Cactus Custody is recognized as a trusted institutional digital asset custodian, holding ISO certifications and a license in Hong Kong . The company has also received a temporary exemption from the Monetary Authority of Singapore . Adhering to strict capital reserve requirements and Anti-Money Laundering and Counter-Terrorism Financing regulations, Cactus Custody is committed to the principle of “Security First, Integrity Always,” aiming to simplify crypto asset management for its clients with professionalism and confidence.
The attainment of the SOC 1 Type 1 certification is a significant milestone for Cactus Custody, reflecting its unwavering commitment to operational excellence, financial accuracy, and the security of digital assets. As the digital asset landscape continues to evolve, such certifications play a crucial role in establishing and maintaining client trust, ensuring that service providers like Cactus Custody meet and exceed industry standards for security and compliance.
Arabian Post – Crypto News Network
