Libra, a technology and data services provider for middle and back office crypto asset processing, today announced that it has become the first crypto-native software company to receive a Service Organization Control (SOC) 1 Type 2 attestation report for its Libra Crypto Office platform. The report was issued by Friedman LLP, a leading accounting and advisory firm headquartered in New York City.
Further, in conjunction with this announcement, Libra is also announcing new solution offerings for accounting firms, all of whom will rely on Libra’s SOC report to support the delivery of audit and tax services for enterprises with crypto transactions. Contracted accounting firms include, but are not limited to, Richey May and Berkower LLC.
In order to receive the SOC 1 Type 2 report, which requires a rigorous examination period of at least six months, Libra had to develop a comprehensive set of policies, procedures, and controls specific to the crypto/blockchain space. This was a critical objective of Libra in order to allow its customers to rely on its software platform for the processing of crypto transactional data into auditable information.
“Accessing and translating crypto data into consumable information is expensive and time-consuming,” said Danny O’Connor, Assurance Partner/AI Practice Leader of Richey May. “Libra’s platform will enable us to maintain our quality of service in an environment best suited for this asset class.”
“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.”
“Across the ecosystem, there is a continuing narrative regarding the need to drive legitimacy of the crypto asset class by obtaining industry-respected credentials. 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.”