Polygon Labs Completes SOC 2 Type 1 Examination, Bolsters Security Compliance

Polygon Labs announced that it has completed a SOC 2 Type 1 examination for its Polygon Open Money Stack API and dashboard, covering the Security Trust Service Criteria. The independent audit firm Schellman & Company, LLC determined that Polygon has implemented suitable security controls.

SOC 2 is an auditing framework developed by the American Institute of CPAs (AICPA). The Type 1 report assesses whether controls are designed properly as of a specific point in time, while a Type 2 examination is underway to test the operational effectiveness of those controls over a period of several months. The report also noted that complementary user entity controls are not necessary for Polygon to fulfill its service commitments.

Marc Boiron, CEO of Polygon Labs, said that as a technology provider moving real money, it means meeting the standards of financial institutions. He noted that most crypto infrastructure has never been audited against such standards for systems where customers actually integrate. Type 1 confirms the controls are designed correctly, and Type 2 will confirm they operate daily.