NEW YORK, March 2, 2024 /PRNewswire-PRWeb/ -- Magna is proud to announce its successful achievement of System and Organization Controls (SOC) II Type 2 compliance in accordance with American Institute of Certified Public Accountants (AICPA) standards. Achieving this standard with an unqualified opinion serves as third-party industry validation that Magna provides enterprise-level security for customer's data secured in the company's system.
This highlights Magna's commitment to safeguarding customer data, which is particularly critical given the number of protocols that leverage Magna to distribute and vest tokens to their investors, employees, and community members
Magna is the go-to platform for protocol teams that want to know their tokens are safe and made available to their ecosystem according to schedule. This is because the Magna team has built its product with end-to-end security in mind:
- The non-custodial nature of Magna's platform means that funds are never handled by Magna or any other third party. Projects deploy vesting contracts and distribute tokens from their own wallets
- Battle-tested smart contracts audited by the best third-party firms (including Ottersec, Zellic, Trail of Bits, and Guardian Audits) ensure tokens are safely locked up on-chain
- Multi-factor authentication protects users logging in to claim their tokens in the event their wallets are compromised
Now, Magna's SOC II Type 2 compliant status attests to the team's dedication to maintaining appropriate internal controls and keeping customer data secure.
"Security, especially in the context of safeguarding our customers' data and tokens, is of utmost importance to us," said Bruno Faviero, CEO of Magna. "Protocols have entrusted us with billions of dollars worth of locked tokens as well as the confidential information that governs their movement. SOC II compliance will ensure we're setting ourselves and our customers up for success as we continue to grow and expand."
Magna Digital, Inc. was audited by Prescient Assurance, a leader in security and compliance attestation for B2B, SAAS companies worldwide. Prescient Assurance is a registered public accounting in the US and Canada and provides risk management and assurance services which includes but is not limited to SOC 2, PCI, ISO, NIST, GDPR, CCPA, HIPAA, and CSA STAR. For more information about Prescient Assurance, you may reach out to them at [email protected]
An unqualified opinion on a SOC 2 Type II audit report demonstrates to Magna's current and future customers that they manage their data with the highest standard of security and compliance.
Media Contact
Bruno Faviero, Magna, 1 5619298444, [email protected], www.magna.so
SOURCE Magna
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