KODA Signs SOC1 Certification Contract with Sam-il PwC

Korea Digital Asset (KODA, hereinafter referred to as KODA), the No. 1 domestic digital asset custody provider co-founded by Hashed and KB Kookmin Bank in November 2020, announced on the 18th that it has entered into a contract with Sam-il PwC for SOC1 (Type 2) certification.

This agreement is a proactive response to build a reliable custody environment in line with the expected movements by financial authorities in the second half of the year to allow listed company corporate accounts and to approve spot Bitcoin ETFs.

Sam-il PwC is conducting the country's first SOC1 (Type 2) certification review for digital asset providers, and has chosen KODA, the leading custody company in the industry, as its first subject. SOC1 certification is an international standard recommended to objectively prove that a custody provider has a highly reliable internal control system when listed companies keep digital assets with a third party (custody).

KODA has already established itself as the top custody provider in South Korea, focusing on the safe storage and management of clients' digital assets. Through this SOC1 certification review and Sam-il PwC's professional assessment process, KODA plans to further enhance its internal controls and security systems. This will pave the way for a system capable of competing with traditional financial trustees, including plans for capital expansion and insurance enrollment to meet statutory trust company requirements under the Capital Markets Act.

Jin-Seok Cho, CEO of KODA, stated, "Thanks to KODA’s commitment to prioritizing customer asset safety and management, we have grown to become the country’s No. 1 digital asset custody provider. Moving forward, by having Sam-il PwC thoroughly review and further refine our internal controls and security systems, we will guarantee the level of safety seen at traditional financial institutions."