Zug, February 28, 2022 – Bitcoin Suisse AG today announced that Bitcoin Suisse Vault, its institutional-grade solution for crypto asset custody, has successfully completed an independent audit and received the ISAE 3402 Type 2 report by PricewaterhouseCoopers (PwC). Since its inception in 2018, Bitcoin Suisse Vault has undergone a yearly audit by PwC, making it the only crypto custody offering worldwide to have such a long-standing and uninterrupted coverage of independent assurance reports by a Big-4 audit firm.
Bitcoin Suisse Vault is the proprietary custody solution for crypto assets of the Bitcoin Suisse Group. Bitcoin Suisse stores multiple billions (CHF) of crypto assets in a secure, fully redundant cold storage solution. The control framework assessed during the ISAE 3402 audit by PwC included control objectives for the following areas: Key Generation and Distribution; Key Management, Transaction Authorization and Client Data Management; Vulnerability Management and Security Configurations; Physical and Logical Access Management; Change Management, Disaster Recovery and Business Continuity Management. Following the successful completion of the assurance engagement, the Bitcoin Suisse Vault received the ISAE 3402 Type 2 report for the control areas mentioned previously.
The ISAE 3402 Type 2 report, issued by Bitcoin Suisse on February 11, 2022, is the first since the integration of the former subsidiary Swiss Crypto Vault under the Bitcoin Suisse brand in 2021. It confirms that Bitcoin Suisse Vault operated securely throughout the audit period from November 1, 2020, to December 31, 2021. This follows on from the ISAE 3402 Type 2 report issued in 2020 and the previous ISAE 3402 Type 1 report from 2019. The current reporting period is slightly longer than one year to correspond with the financial year of Bitcoin Suisse. Accordingly, future yearly reports will cover the period from January 1 to December 31 respectively.
Markus Perdrizat, Head Product Management and Custody at Bitcoin Suisse AG commented: “At Bitcoin Suisse, our greatest mission is to guarantee the security of our clients’ assets at all times. Therefore, we insisted early on a trustworthy and reliable audit by PWC, one of the respected and esteemed Big-4 audit firms. With this year’s ISAE 3402 Type 2 audit report, we have a successful track record of annual audits since 2018, marking excellence and proving to our clients that their assets are stored in the safest and most reliable way possible. Following the integration of the Swiss Crypto Vault AG in 2021, the audit report now extends to additional controls performed by Bitcoin Suisse AG, broadening the scope of the report. Bitcoin Suisse also executes further custody-related controls to ensure the security of client assets with strong segregation of duties (SOD) between the functions.”
