Polygon Labs Completes SOC 2 Type 1 Review for Open Money Stack API and Dashboard

Polygon Labs said it has completed a SOC 2 Type 1 review for its Polygon Open Money Stack API and dashboard, covering security trust services criteria. According to ChainCatcher, independent auditor Schellman & Company, LLC found that Polygon had implemented appropriate security controls. SOC 2 is an auditing framework from the American Institute of Certified Public Accountants. Type 1 reviews assess whether controls are properly designed at a specific point in time, while the ongoing Type 2 review will test how those controls operate in practice over several months. The report said complementary user entity controls are not necessary for Polygon to fulfill its service commitments. Polygon Labs CEO Marc Boiron said moving real funds as a technology provider requires meeting financial institution standards, and that most crypto infrastructure has never been audited to that standard for systems actually integrated by customers. He said Type 1 confirms the controls are designed correctly, while Type 2 will confirm they operate daily.