SINGAPORE, Sept. 27, 2022 /PRNewswire/ -- Cobo, Asia Pacific's largest digital asset custodian and blockchain technology provider, announced today that it has successfully attained its System and Organization Controls 2 (SOC2) Type I Report, ahead of its Grand Opening in Singapore on 30th September.
Assurance Through Compliance
The SOC 2 Report is a globally recognised internal control offering that utilizes the American Institute of Certified Public Accountants (AICPA) standards to provide reasonable assurance that Cobo's service commitments and system requirements were achieved based on the trust services criteria relevant to Security, Availability, and Processing Integrity. This report plays an important role in the oversight of the organization, vendor management programs, internal corporate governance and risk management processes and regulatory oversight.
Having acquired the SOC 2 Type I Report, it sets Cobo as one of the most secure and compliant custodians in the Asia Pacific region.
"With the SOC 2 Type I Report, it reflects Cobo's commitment to its security and privacy towards our users and the extra measures we take to ensure our users feel safe when handling their assets," said Changhao Jiang, Co-Founder and CTO of Cobo.
The SOC 2 Type I reports on management's description of a service organization's system and the suitability of the design of controls. The processing of the certification for Cobo was carried out by a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax & legal, and related services.
"Cobo sees compliance as a necessary component for digital assets to make an impact on the real world economy. As a company that aspires to help blockchain technology achieve mass adoption, we work with global leading RegTech partners and prepare ourselves to be a public company in the future," said Lily Z. King, COO of Cobo.
The SOC 2 Type I Report demonstrates Cobo's capacity in exceeding the most rigorous security and confidentiality measures that align with global industry standards and first-rate practices, as set by the AICPA.
Cobo is Asia Pacific's largest digital asset custodian and blockchain technology provider, based in Singapore. Trusted by over 500 institutions and HNWIs to grow and protect their crypto assets, the company focuses on building scalable infrastructure and powering the Web 3.0 revolution around the world. As a strong blockchain and DeFi infrastructure builder, Cobo provides SaaS (Software-as-a-Service) products such as WaaS (Wallet-as-a-Service), DaaS (DeFi-as-a-service), NaaS (NFT-as-a-Service), and Argus (The Smart Contract Based Custody).