Gemini Crypto Exchange Undergoes Security Compliance and Data Protection Audit
crypto exchange, founded by brothers Cameron and Tyler , completed a SOC 2 Type 1 security compliance review, according to a made on their Medium blog on Jan 29.
An organization that undergoes a Service Organizational Control () 2 audit aims to ensure that it has met the service criteria set by the American Institute of Certified Public Accountants (AICPA). These criteria pertain to standards of confidentiality, security, privacy, processing integrity and availability.
According to the announcement, Gemini is the first in the industry to undergo such an audit. The audit was conducted by ‘Big Four’ auditing firm , which reviewed Gemini’s exchange application, infrastructure, underlying customer database, and its cryptocurrency storage systems that hold the keys of Gemini’s online and offline .
Gemini also noted that, in addition to the SOC 2 Type 1 test, it would undergo an SOC Type 2 review in 2019, in order to further assure compliance and a high security standard. It added that, “This additional level of assurance will further validate the effectiveness of our internal controls.”
In October 2018, Gemini insurance coverage for custodied digital assets from lending services firm Aon. The digital insurance coverage complemented the already available Federal Deposit Insurance Corporation-insured dollar deposits on the exchange.
Earlier this month, Gemini a new ad campaign calling for better of the crypto space. Placards on taxis and in the New York City subway contained slogans like “crypto needs rules” while others stated that “money has a future” and touted Gemini as “crypto without chaos.” The head of marketing at Gemini, Chris Roan, told the Wall Street Journal:
“We believe that investors coming into cryptocurrency deserve the exact same protections as investors in more traditional markets, adhering to the same standards, practices, regulations and compliance protocols.”
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MobileGo has gathered over $26 million dollars making it the second most successful crowd sale in the cryptosphere, and the fourth in the world.
[Note: This is a sponsored article]
MobileGo Raises Over $26 Million & Counting
Initial Coin Offerings (ICOs) are changing the way projects are being crowdfunded, creating a new generation blockchain-based tokens like and assets. Although ICOs started with Mastercoin’s relatively modest sum of roughly 500,000 USD, they are now taking new proportions.
As time passes by, it seems that investors are becoming less wary when it comes to investing in blockchain-based crowdfunds. Now, it is not uncommon for ICOs to gather millions on their first day (or minutes) and that’s exactly what , one of the largest crowdfunding campaigns in history, has done.
Kicking its ICO off with 4 million dollars on the first day, MobileGo has attracted over $26 million (or 6,800 BTC) so far, making it one of the most successful ICOs ever, second only to the , and the fourth project in the whole world. And the ICO isn’t even over yet, with five days left until the end.
Hosted by , the MobileGo ICO allows users to exchange several established cryptocurrencies like bitcoin, Ethereum, Waves, GAME, and others in exchange for MobileGo (MGO) tokens, which will bring several benefits to its holders and help shape the environment of the GameCredit’s Moblie Store, a platform for mobile games with over 300 games by 150 different developers.
ICOs: Hype or New Paradigm?
The will not only help fund the Gamecredit’s Mobile Store marketing and branding efforts, but it will also gamify the platform through the use of Ethereum-based smart contract, allowing users to compete among themselves in a decentralized manner and to earn rewards and reputation while doing so.
The MobileGo token features some of the latest trends in the blockchain space such as dual-blockchain capabilities and a buyback program that will see the token supply decrease over time. The dual-blockchain functionality allows users to transfer tokens between the Ethereum and Waves blockchains through the use of technology.
However, the main aspect of these tokens are not their technical characteristics per se, but rather the function they serve within the platform. Although the GameCredit’s Mobile Store already features its own cryptocurrency, , Ivica Simatovic, CEO at GameCredits Inc, explained to Bitcoinist why a second token is necessary.
He said:
The MobileGO token will be used to provide many important features to Gamecredits Store based on smart contracts. In this store there will be 2 tokens: 1 for processing (Gamecredits) and another for tournaments, betting, virtual market place (MGO).
Not only that, but MobileGo will also reward customers with discounts, free entrance to VIP tournaments and access to private game beta stages.
“This store will be a unique and special place for gamers where they will receive services they can not find in other places,” adds Simatovic.
Money is Pouring into Crypto
Although ICOs are not new, they are certainly one of the in the world of investment. Not only has the global cryptocurrency market cap in May alone, millions and millions of dollars kept flowing into ICOs like MobileGo, Gnosis, Aragon,etc. with many more in the pipeline.
Although some have concerns regarding Initial Coin Offerings and the lack of regulation or guidelines, ICOs are providing new ways for entrepreneurs to get their projects off the ground, which wouldn’t be nearly as easy through banks and VC firms.
While undoubtedly uncharted territory, ICO are shaping the future of technology allowing developers to experiment with at will and to build decentralized and trustless applications, which were not possible before.
What’s your take on the current ICOs trend? Share your thoughts below!
