Bitcoin Vault Elliptic Receives ‘Big Four’ Financial Accreditation

By
January 14, 2015

Safe. This is the conclusion drawn by KPMG, who gave a precious ISAE 3402 accreditation to the bitcoin cold storage firm Elliptic. The company secures its customers’ bitcoin through the combined use of strong encryption procedures and secure physical locations disseminated all over the world.

Also read: Elliptic Vault In The United Kingdom Is Offering Fiat Denominated Bitcoin Insurance

A Major Milestone for Eliptic

In a statement published earlier this week, Elliptic’s CEO James Smith welcomed the certification his company just received:

“KPMG’s accreditation is an important milestone. It demonstrates to our customers that we have the rigorous internal processes and controls expected of any traditional financial services provider”

While several bitcoin companies such as Coinbase or Xapo are also offering vault services, Elliptic appears to be the first of them to receive a certification of this level, though other companies have stated that they are pursuing it.

The company went through a rigorous process designed to scrutinize not only the technology, but also the entire way Elliptic’s vault service is operated. KPMG thoroughly investigated every aspect of the company: internal access controls, financial controls, regulatory compliance, disaster recovery, code deployment, segregation of duties, and offline bitcoin storage techniques…

Our readers will probably have in mind the latest statement from Japanese authorities, who stressed that the Mt Gox heist was most likely the result of an inside job rather than a technological flaw. Therefore, this kind of business-wide certification takes on its full meaning…

Images from Shutterstock.

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