A digital currency company based in London recognized to be as secure as a traditional bank
Elliptic, a company specializing in bitcoin storage, was accredited by KPMG, one of the ‘Big Four’ consulting firms after a long and rigorous review of financial controls and other operational details of the company. As emphasized in the Elliptic blog, the same standards were applied to the digital currency services offered by Elliptic “as those operating in more conventional markets”.
The best known product of the company is Elliptic Vault, a deep cold storage where the customers can store their bitcoins out of reach of hackers. Launched in January 2014, Elliptic became the first digital currency company to offer insurance for the loss or theft of any bitcoins stored.
On its blog, Elliptic stated that to ensure the ongoing success of the Bitcoin, much needs to be done “in building trust and transparency around digital currency infrastructure, particularly with regards to security”. According to the company’s CEO, James Smith, "KPMG's accreditation is an important milestone”.
KPMG is a Dutch-based company, one of the ‘Big Four’, a group of the largest professional services networks of audit, along with British companies Ernst & Young and PricewaterhouseCoopers (PwC), and American Deloitte.