Polygon Labs Completes SOC 2 Type 1 Audit for Open Money Stack

ChainCatcher report: Polygon Labs has announced the completion of its SOC 2 Type 1 audit for the Polygon Open Money Stack API and dashboard, covering the Security Trust Services Criteria. The independent audit firm Schellman & Company, LLC determined that Polygon has implemented appropriate security controls. SOC 2 is an auditing framework established by the American Institute of Certified Public Accountants. A Type 1 audit evaluates whether controls are suitably designed at a specific point in time; a Type 2 audit is currently underway and will test the effectiveness of these controls over a period of several months. The report states that complementary user entity controls are not required for Polygon to fulfill its service commitments. Polygon Labs CEO Marc Boiron stated that as a technology provider handling real funds, Polygon must meet financial institution standards—most crypto infrastructure has never been audited against these standards for systems actually integrated by customers. The Type 1 audit confirms that controls are properly designed, and the Type 2 audit will verify their daily operational effectiveness.