Monday, June 24, 2024

BitPay First Blockchain Payment Processor to Achieve SOC 2 Compliance

BitPay, the largest global blockchain payments provider, today announced the company has successfully completed the Service Organization Control 2 (SOC 2) review conducted by Aprio, a nationally-recognized, top 100 CPA-led business advisory firm.  Global 2000 customers have requested confirmation that payment processing is compliant as these businesses support adoption of blockchain payments and acceptance of cryptocurrency. Now, all BitPay customers have third party confirmation that the design, implementation and operation of its security controls meet or exceed the criteria set by the AICPA for all transactions. Established by the American Institute of Certified Public Accountants (AICPA), SOC 2 sets policies, procedures and practices for the security, availability, processing, integrity and privacy of customer information.

“Through our longstanding collaboration with BitPay, Newegg has seen a significant jump in sales as well as a reduction in fees from credit cards across the globe,” said Anthony Chow, Newegg’s President of Global Sales. “We are committed to bringing innovation to the online shopping experience and see BitPay’s SOC 2 compliance as a way to move cryptocurrency payments mainstream.”

In 2014, Newegg partnered with BitPay to accept Bitcoin transactions on Newegg’s website. Together, the companies successfully enable customers to pay with bitcoin in 73 countries across the globe while Newegg enjoys fast settlement in U.S. dollars.

“To achieve SOC 2 compliance required a significant amount of preparation and continuous ongoing review of BitPay’s processes and we are inspired by these results,” said Stephen Pair, CEO of BitPay. “As BitPay continues to enable mainstream companies to accept cryptocurrency payments, SOC 2 assurances are wanted by companies, especially large enterprises.   Achieving this milestone demonstrates BitPay’s commitment to making it easy for businesses to adopt and accept cryptocurrencies as a form of payment.”

“After thorough review, we have confirmed the design and application of BitPay’s payment system meets the standards set forth in SOC 2 for protecting customer data. SOC 2 reporting is an industry best practice standard that evaluates a company’s controls relative to matters such as securing transactional and other sensitive customer data,” said Dan Schroeder, Partner-in-Charge of Information Assurance Services at Aprio. Aprio provides independent and objective attestation reporting that includes PCI DSS, ISO 27001, SOC 1 & SOC 2 reporting, LADMF certification, as well as readiness assessment for other leading frameworks and compliance requirements such as GDPR, CCPA, NIST CSF, HIPAA, and HiTrust.

Hundreds of thousands of businesses around the world have signed up with BitPay to enable acceptance of bitcoin payments from users all over the world. BitPay leverages the promise blockchain provides as every transaction is verified, recorded and stored on a public, tamper-resistant ledger.

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