Hey ninjas, how’s the trading going? Earlier in the day the largest cryptocurrency Bitcoin dipped below $7,000 and was trading as low as $7,746.
Later on in the day, BTC appreciated and crossed over $8,000 once again, Bitcoin is currently trading at $8,216 and is reporting 2.565 gains in the last 24 hours.
BitPay was audited by business advisory company Aprio, the firm reportedly underwent a security and confidentiality compliance review, SOC 2 report (the Service Organization Control 2).
The SOC 2 reports are designed to help service organizations, build trust and confidence in an organizations service delivery process, to pass a SOC 2 review the firm has to meet the criteria’s put in place by the American Institute of Certified Public Accountants in the areas of privacy, security, availability and processing integrity.
According to a press release on the 30th of September, after BitPay’s audit, Aprio announced that Bitpay met the standards of the SOC 2 for protecting customer data.
BitPay launched a new security measure that required its users to input personal data such as their social security number, passport number, and photo ID.
The new security system experienced some skepticism due to the majority of cryptocurrency user’s resistance in providing personal data.