May 29, 2024
 min read

Announcement: Northstake Achieves SOC 1 Type 1 Audit Compliance

Louise Hallersbo

Enhancing Trust and Security in Institutional Custodial Staking Services

In an era where virtual assets are becoming increasingly integral to global financial systems, the imperative for robust risk management frameworks within organizations cannot be overstated. Northstake is proud to announce the successful completion of our Service Organization Control 1 (SOC 1) Type 1 report, a critical milestone in our commitment to maintaining the highest standards of operational integrity and client trust.

Independent Third-Party Assessment

Conducted in accordance with ISAE 3402 standards, the SOC 1 Type 1 report provides an independent, third-party assessment and attestation regarding the controls Northstake has in place related to the financial reporting of our clients. This report specifically focuses on evaluating and documenting the design and implementation of these controls as of a specific point in time.

Scope and Partnership

The scope of our SOC 1 Type 1 report covers Northstake’s custodial staking services for institutional clients. A leading Big Four firm, renowned for its expertise in audit, tax, consulting, and advisory services, supported us in this audit. Their extensive experience in the blockchain space, combined with their commitment to leveraging advanced technology and deep industry knowledge, made them an invaluable partner in ensuring the integrity and accuracy of our audit process.

Northstake’s Commitment to Security and Innovation

Northstake’s business strategy focuses on offering trusted investment opportunities in technologies that underpin future economies. We aim to achieve this by operating a highly secure and reliable infrastructure that supports individually managed validator nodes on proof-of-stake blockchains.

As a regulated and audited institutional staking partner, Northstake mitigates risks associated with sanctions, opaque counterparties, and protocol challenges. Our key offerings include:

  • A regulatory compliant staking platform for institutional-grade digital asset staking.
  • Tokenized Staking solutions to optimize Ethereum entry/exit queues for digital asset ETF managers.

In addition, we are pioneering liquidity solutions for ETFs and funds through tokenized staking, set to launch in 2024. Our successful audit underlines our robust internal controls and dedication to safeguarding user entities' transactions. It ensures that our processes meet the highest standards for processing user entities' transactions securely and effectively.

For more information, please refer to the detailed audit report available upon request.