Libra has received a Service Organisation Control (SOC) 1 Type 2 attestation report for its Crypto Office platform.
The report was issued by accounting and advisory firm Friedman LLP, headquartered in New York City. The accreditation has made it the first crypto-native software company to receive SOC 1 Type 2 attestation report.
Libra said in order to gain the report it had to develop a comprehensive set of policies, procedures and controls specific to the crypto and blockchain space.
“Across the ecosystem there is a continuing narrative regarding the need to drive legitimacy of the crypto asset class by obtaining industry-respected credentials,” said Jake Benson Founder and CEO of Libra. “For those securing crypto assets it’s receiving a qualified custodian license or trust charter. For middle and back office software companies providing the systems that enable the creation of financial statements it’s receiving a SOC 1 Type 2 report. We are intensely proud to be the first crypto-native software company to achieve this milestone.”
Libra has also announced a range of new services for accounting firms including supporting the delivery of audit and tax services for enterprises with crypto transactions. Libra is already working with accounting firms Richey May and Berkower LLC.
“The crypto/digital asset space is expanding and evolving at an unimaginable pace,” said Maurice Berkower, managing principal of Berkower LLC. “As independent auditors we were seeking resources to enable our firm to effectively examine exchange and blockchain transaction data. After an intensive search and vetting process, we determined that Libra provides the best solution. We are excited to add the Libra platform.”