Bitcoin storage firm Elliptic has received accreditation from “Big Four” accounting firm KPMG, and is now considered to be operating on the same level as a custodian bank.
As Elliptic CEO James Smith explains:
“KPMG’s accreditation is an important milestone, as it demonstrates our commitment to delivering both best-in-class technology and deep operational expertise… This report demonstrates to our customers that we have the rigorous internal processes and controls expected of any traditional financial services provider… Combined with our comprehensive insurance protection, they provide the robust infrastructure required for institutional involvement in digital currencies.”
Smith later went on to say that he is confident in the security and knowledge the company is able to bring to its customers and the cryptocurrency community as a whole:
“We pride ourselves on understanding and respecting the complexities of regulated financial systems.”
The accreditation received is known formally as the ISAE 3402 Type 1 review, and scrutinizes various aspects of a business from financial controls to code deployment to disaster recovery to offline bitcoin storage techniques. Elliptic claims it is now the first major bitcoin company to receive such accreditation.
The company came to fruition just one year ago in January of 2014, and has thus far received support and acclaim from a number of currency ventures including Octopus, which has invested close to $2 million in the cold storage startup.