Solana Staking Protocol Marinade Achieves SOC 2 Type 2 Compliance
Marinade Finance, a prominent Solana staking protocol, has marked a significant milestone by attaining SOC 2 Type 2 compliance following months of exhaustive audits. This accomplishment positions Marinade as one of the pioneering protocols in the staking sphere to meet this prestigious security certification.
The attainment of SOC 2 Type 2 compliance not only affirms Marinade’s commitment to operational excellence and its readiness to engage with institutional investors, but it also paves the way for the platform to become the exclusive staking provider for upcoming U.S. Solana exchange-traded funds (ETFs).
News of Marinade’s achievement was shared on X, highlighting that the compliance with the Service Organization Control Type 2 (SOC 2 Type 2) information security standard was the culmination of an extensive audit conducted by BDO. This audit delved into Marinade Finance’s security controls, access management systems, and staking infrastructure, while also scrutinizing the protocol’s validator operations, data confidentiality, and privacy protection measures.
The SOC 2 Type 2 standard is an advanced cybersecurity compliance benchmark formulated by the American Institute of Certified Public Accountants. It offers a more comprehensive evaluation compared to the Type 1 certification, which assesses an organization’s security controls at a specific point in time. The Type 2 certification, in contrast, evaluates the operational effectiveness of these controls over an extended duration, typically ranging from 6 to 12 months.
This year, Marinade Finance already reached Type I compliance, and now, going a step further to SOC 2 Type 2 underscores their capability to maintain operational effectiveness over time. This accomplishment is particularly noteworthy as blockchain systems generally present more complex infrastructure challenges compared to centralized platforms.
“Achieving SOC 2 Type 2 as a liquid staking protocol required us to demonstrate operational excellence across a much more complex infrastructure than centralized platforms,” explained Hadley Stern, Chief Compliance Officer at Marinade. “This certification proves that blockchain protocols can meet the highest institutional security standards without compromising on decentralization.”
With SOC 2 Type 2 certification, Marinade is well-poised to attract institutional clients, underlining its operational security and compliance readiness. Such certification is highly valued as it assists organizations in forging strategic partnerships and navigating regulatory approval processes.
The road to SOC 2 Type 2 compliance clears the pathway for Marinade Finance to emerge as a leading staking platform for the anticipated spot Solana ETFs. As noted in Marinade’s statement, “This compliance achievement is particularly significant as Marinade serves as the exclusive staking provider for the upcoming U.S. Solana ETF applications through our Marinade Select institutional platform. ETF providers require demonstrated operational security and regulatory readiness — exactly what SOC 2 Type 2 compliance provides.”
There are several Solana ETF applications under review by the SEC, with industry experts forecasting a significant likelihood of approval in the coming months. Among the firms that have selected Marinade for their staking needs are Zodia Custody, BitGo, and Canary Capital.
This achievement by Marinade not only signifies a pivotal advancement in blockchain security standards but also potentially transforms the protocol into a cornerstone service provider within the financial services ecosystem, especially as the demand for crypto assets in regulated financial products continues to grow.
