Ramp Network Clinches SOC 2 Type II Certification, Establishing a New Benchmark for Financial Data Safety

London, England, July 19th, 2024, Chainwire

Ramp Network The financial tech firm that is streamlining payment connections between cryptocurrencies and the broader financial ecosystem proudly announced it achieved System and Organization Controls (SOC) 2 Type 2 compliance after successfully completing a thorough audit on June 21, 2024.

This accomplishment is a major milestone that underscores Ramp’s commitment to protecting client information and solidifies its role as a trusted player within the Web 3.0 landscape.

"At Ramp, we recognize that security is not just an optional feature; it’s a crucial necessity, especially in our line of work. Since I joined Ramp, we have made it our mission to enhance our Information Security protocols, with SOC2 Attestation standing out as our notable achievement. For us, compliance isn’t merely a box to tick; it’s a vital part of our offerings. This ensures that we continue to be a reliable partner for our users, giving them the utmost assurance in our ability to protect their data as we navigate them into the realm of Web3.\"

Łukasz Anwajler, Chief Technology Officer, Ramp Network

To obtain SOC 2 compliance, Ramp’s cryptocurrency on- and off-ramp systems underwent a stringent and transparent evaluation, affirming their capability to securely handle customer data and operational processes. This declaration marks a significant victory for Ramp. Being SOC 2 compliant means their technology meets top-tier industry standards for safeguarding sensitive data and ensuring operational reliability, furthering their dedication to robust data protection practices to build trust among clients.

Developed by the American Institute of Certified Public Accountants (AICPA), SOC 2 compliance serves as a global framework that outlines the necessary steps organizations must take to protect consumer data and guard against unauthorized access and cybersecurity threats. It validates Ramp’s ability to effectively bridge the conventional and decentralized financial systems, enhancing user trust and promoting secure financial transactions.

"Achieving SOC 2 compliance demonstrates to our clients that we prioritize security above everything else. We also aspire to lead by example in upholding the highest security standards for our entire sector. For us, SOC2 Compliance is not merely a milestone; it’s a commitment to our customers.\"

Mariusz Kondratowicz, Head of Information Security, Ramp Network

As one of the foremost providers of financial technology infrastructure in the cryptocurrency space, Ramp aims to onboard millions of users into Web3 through its user-friendly on- and off-ramps. It allows users to effortlessly acquire digital assets with fiat currencies and supports a diverse array of local currencies globally. Ramp operates as a standalone application but can also be integrated into any third-party software via a straightforward API, making it easy for customers to access the crypto they need for those applications.

Given its crucial role in the Web3 ecosystem, Ramp was faced with an important choice regarding which security standard to implement in order to offer consumers the most robust security and assurance possible. After a thorough evaluation process, Ramp opted for SOC 2 over competing standards like ISO 27001, due to its focused approach to managing and safeguarding customer data in the fintech sector. The SOC 2 standard specifically highlights trust service criteria such as security, availability, data processing integrity, and privacy—elements that Ramp views as essential to its operations.

SOC 2’s flexibility allowed Ramp to construct controls that align more closely with its unique business operations and customer needs. In order to comply with SOC 2’s requirements, they developed an innovative Information Security Control Framework that consists of 120 controls across various domains, including software development lifecycle, data protection, access management, change management, and incident management systems.

Ramp is steadfast in its commitment to uphold the highest levels of security and operational excellence. They plan to continue bolstering their infrastructure and enhancing security measures to ensure they remain at the forefront of best practices in the Web3 industry, in line with their mission to cultivate a more secure and trustworthy digital future.

About Ramp

Ramp is a financial technology innovator that creates solutions linking the crypto economy with the current global financial infrastructure. Through its primary on- and off-ramp products, Ramp delivers individuals and businesses in over 150 countries with a seamless process for converting between cryptocurrencies and fiat money. Ramp is fully integrated with prominent payment options, including debit and credit cards, bank transfers, Apple Pay, Google Pay, and more.

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