“Crypto enterprises failed because they utilize systems to provide suspicious services,” said crypto software developer Lukka CEO Jake Benson. Both Lukka and its rival Verady, announced they received System and Organization Control (SOC) confirmation on January 21.
This shows that both companies are willing to address each other’s failures.
SOC is a set of standards developed by the American Institute of Certified Professional Accountants (AICPA). The organization assists auditors and users in evaluating a firm’s trustworthiness.
Lukka received SOC 1 Type 2 and SOC 2 Type 2 attestation reports form Friedman LLP. On the other hand, Verady’s platform received SOC 1 Type 1 from Cohen and Company.
AICPA’s product manager Blanco-Best said SOC attestation reports help a business and its stakeholders judge a system to manage risk. Getting a SOC report gives clients “comfort” in the service provided while at the same time assuring them that the company handles data correctly.
As a result, this turns to trust, which builds relationships with otherwise skittish clientele.
Verady CEO Kell Canty said the crypto service is working with its accountants to secure the Type 2 report.
Meanwhile, Benson said SOC attestation reports help companies widen their markets, institutions in particular.
Deribit Catches Up on Crypto Competition
Institutional-grade crypto derivatives platform Deribit announced it would begin offering daily bitcoin options on February 3. Users can then be able to trade options at strike price intervals of $125, which expire in two days.
The exchange will offer contracts that move within a 5% range around ATM levels. This gives users a more extensive range of expiry dates, with some contracts expiring every day.
Short-dated expiries are specifically for investors and traders with short-term views. Deribit’s CCO Luuk Strijers said they exchanged the daily options in response to market demand.
In other words, daily options are increasingly becoming popular in the crypto market.
Deribit remains at the top crypto options market, but its primary offering of monthly market share is gradually decreasing. This figure fell further to about 10% in January.
These figures predominantly came from OKEx and CME.