Proof of Reserves Prep - 5 Easy Steps for Cross Functional Teams to Achieve PoR Reporting
This blog post outlines a comprehensive five-step process for preparing crypto Proof of Reserves (PoR) reporting, aimed at enhancing transparency and trust in the digital asset industry. The steps include general scoping, creating a customer liability extract, constructing a Merkle Tree, proving asset balances, and reporting and disclosure, providing a streamlined guide for cross-functional teams to efficiently and accurately complete PoR reporting. The post emphasizes the importance of regulatory compliance, data validation, and clear communication with stakeholders throughout the process.
Part 2: Does Your Block Need a SOC? - A Handy Guide to Understanding SOC 1 and SOC 2 Audits for Crypto Companies
This blog post explores the importance of SOC reporting and third-party assurance in the blockchain and cryptocurrency ecosystem. It discusses various use cases where SOC reports are essential, including crypto funds, asset-backed tokens, crypto accounting solutions, private blockchain platforms, node hosting and staking providers, and custodial wallet providers and exchanges. The author emphasizes that despite the trustless nature of blockchain technology, trusted advisors and intermediaries still play a crucial role in reinforcing user confidence and meeting regulatory requirements in the crypto industry.
Part 1: Does Your Block Need a SOC? - A Handy Guide to Understanding SOC 1 and SOC 2 Audits for Crypto Companies
Explore the world of SOC reporting for blockchain and digital assets in this insightful series. Learn why your crypto business might need a SOC audit, understand the differences between SOC 1 and SOC 2 reports, and discover how to navigate the path from startup to SOC-compliant organization. Whether you're an early-stage company or an established player in the blockchain space, this guide provides valuable insights into third-party assurance and best practices for the crypto industry.