Press Release
Covalent (CQT) Furthers Its AI Support with Milestone Data Security SOC 2 Certification
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Reaffirming its unwavering commitment to long-term data availability and upholding world-class standards, Covalent (CQT) has successfully acquired the rigorous Service Organization Control (SOC) 2 Type II compliance audit. Conducted by an accredited firm, this audit stands as a testament to the Covalent team’s resolute dedication to adhering to the strictest AICPA Trust Services Criteria, covering Security, Confidentiality, Availability, and Privacy domains.
The Covalent Network plays a pivotal role by cryptographically securing a structured dataset from over 215 blockchains, supporting 240 million Web3 wallets. Foundational to artificial intelligence and machine learning, this structured dataset ensures data availability to feed Large Language Models for training.
Adrian Jonklaas, CFO & COO, remarked, โAt Covalent, we don’t view obtaining the SOC 2 Type II attestation as simply a box to be checked. For us, it represents a deep commitment to maintaining the highest levels of security and data privacy in our operations. As the Web3 landscape evolves, we remain committed to the highest privacy and security standards, distinguishing ourselves from the competition. We strive to innovate while upholding our values and reputation for excellence.โ
Why SOC 2 Type II and What It Means for Covalents Data & AI
The SOC 2 Type II attestation goes beyond basic security compliance, requiring companies to demonstrate effective controls over an extended period. This ensures a comprehensive commitment to industry-leading standards, enveloping every interaction, data point, and transaction with the purpose of offering the largest data availability set in Web3 for DeFi and AI.ย ย
Ganesh Swami, CEO, expressed his pride in the achievement, stating, โFrom inception, we’ve prioritized creating a robust and trustworthy platform. Achieving this SOC 2 Type II attestation is a testament to our resolute focus on these principles.โ
Decentralized protocols are transparent and borderless, making potential vulnerabilities multifaceted. Covalentโs SOC 2 Type II attestation reflects the companyโs commitment to security while harnessing the power of decentralization. As Covalent continues to support numerous companies in the digital asset accounting and taxation sectors, with SOC 2, it is further establishing itself as a leader in compliance among Web3 data providers.
Covalentโs Big Data Quality Assurance for AI and Web3ย
Covalents data is now certified with SOC 2 across five foundational pillars, each addressing critical aspects of a company’s operations.ย
- Security: Systems and data are protected from unauthorized access and disclosure.
- Availability: Consistent uptime and reliability of systems and services.
- Confidentiality: Confidential information is protected.
- Processing Integrity: Processing system ensures that the data is complete, accurate, timely, and authorized. The customer’s information remains accurate throughout the data processing duration.
- Privacy: Careful management of personal and confidential information to ensure compliance with entity policies and goals throughout collection, usage, retention, and disposal.
By addressing these key areas, Covalent can assure their partners and users that they operate at the highest standards of trust and reliability.
Adrian added, โCovalent’s journey towards achieving the SOC 2 Type II attestation is not just a compliance milestone, but a true reflection of the company’s values. This accomplishment in the blockchain industry, where trust is crucial, shows Covalent’s commitment to integrity and transparency. As Covalent continues to lead the way in Web3 data infrastructure, the company focuses on pursuing excellence and being dedicated to its community.โ
About Covalent
Covalent (CQT) powers the data layer in blockchain, enabling millions of users to build the new economy. It stands out for its deep commitment to democratizing blockchain data availability. Since its inception, Covalent has been helping developers, analysts, and enthusiasts with comprehensive, real-time data across over 200 blockchains. Learn how Covalent is building the Ethereum Wayback Machine.
- For more information, check out Covalentโs: Official Website | Twitter | Discord | Telegram | Blog | API Guides
