Tokenization platform Tokeny has achieved SOC2 Type I compliance, something the company describes as the initial step in its security and compliance strategy. Tokeny claims they are now the first tokenization platform in the world to earn this certification.
Tokeny is a Luxembourg-based tokenization platform that aims to support digital securities as well as other digital assets.
Tokeny CTO Toney Malgem said that being first is a nice accomplishment, but the most important thing is the trust and assurance this adds for their users and clients.
“At Tokeny, we’ve always aimed for excellence, and this certification is a testament to our dedication to deliver the most secure platform, in order to foster confidence and innovation to all who use our platform. Our journey is only just beginning.”
Tokeny said it will continue to seek out third-party validations, noting that it had previously had its developed, now open-sourced, ERC3643 standard audited by Web3 code auditor Hacken, earning a perfect 10/10 score.
Soc2 Type 1 compliance evaluates an organization’s cyber security controls to determine if customer safeguards are effective. A Soc2 Type 2 may be the next step for Tokeny. This is a process that takes up to a year to complete as it reviews security protocols over the entire period.
Tokeny said that areas reviewed included HR (hiring), Production (code), IT (data handling), and Customer Management (communication and continuity plans).
Tokeny has worked with multiple large issuers or asset managers to facilitate digital securities. While observers expect all securities to be digital in the future the transition has been slow as entrenched processes take time to change.
