Current Events in the DeFi and Web3 Ecosystems

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  • Fordefi Obtains SOC 2 Type II Accreditation
  • Mysten Labs and BlueJay Games Collaborate to Set in Motion Arcade Champion

Fordefi Obtains SOC 2 Type II Accreditation

Under the SOC (Service Organization Control) guidelines established by the American Institute of Certified Public Accountants (AICPA), Fordefi, a fintech and software firm, has announced today that it has obtained SOC 2 Type II accreditation from Ernst & Young.

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Now since Fordefi has received this level of accreditation, it is the only institutional decentralized finance (DeFi) wallet that has received it. This success supports Fordefi’s emphasis on the security standards that organizations must meet to safely store digital assets and conduct decentralized finance (DeFi) transactions.

Security is a crucial component of the Fordefi benefit statement entwined into the core of their business, according to Josh Schwartz, CEO and one of the founders of Fordefi. By reviewing a comprehensive assessment process for SOC 2 Type II conformity, he highlighted their dedication to security and crucial role in consumer interactions.

Thanks to this accreditation, customers now have adequate assurance that their valuables are safeguarded and locked securely. In addition, Fordefi showcases preparedness to take the lead in ushering decentralized institutional finance into a new era because it was the first exchange to receive this degree of accreditation.

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Fordefi’s SOC 2 Type II accreditation came at a crucial time because of the growing market requirement for security features that would facilitate the corporate implementation of DeFi. In addition, this accreditation adds to the momentum and progress that Fordefi has been experiencing since introducing its platform to the public in November of the previous year.

Fordefi has received new clients recently, including Defiance Capital, a web3 and cryptocurrency business, and Keyrock, a well-known market maker of digital holdings. Fordefi also included several features that improve its offering, including the Token Allowance Manager, Fordefi Wallet API, Bridge Transaction Enrichment, and Transaction Risk Alerts.

A service organization’s security, reliability, privacy, scrupulousness, and confidentiality measures evaluation is part of the SOC 2 certification, which denotes a superior degree of operational safety.

A certified CPA firm conducts an audit to confirm that all essential protections are in place to secure client data and that these safeguards operate successfully to achieve a SOC 2 Type II certification.

The resulting report gives customers and stakeholders confidence and trust in the service organization by assuring them that the system is reliable and safe.

Mysten Labs and BlueJay Games Collaborate to Set in Motion Arcade Champion

Recently, a well-known gaming studio, BlueJay Games, and Mysten Labs, a business specializing in web3 architecture and the original inventor of the Sui Layer 1 blockchain, launched cooperation. As a result of this alliance, BlueJay Games will introduce a Web3 game, Arcade Champion, on Sui.

Arcade Champion is a novel take on traditional arcade games by incorporating non-fungible tokens and play-to-own components with both sole-player and multiplayer tournament-based minor games. In addition, NFTs are used in the game’sgame’s champion-based platform to symbolize every player’splayer’s personality.

In both solo and multiplayer forms of play, these NFTs are essential since they undergo exchanging, fusion, and modification. By doing so, players may amass rewards and cash and rule the arcade.

CEO and co-founder of Mysten Labs Evan Cheng expressed enthusiasm for collaborating with BlueJay Games and creating Arcade Champion on Sui. He asserts that Arcade Champion will unite Web3 and Web2 users and advance the gaming business by bringing a fresh take on vintage arcade games that use play-to-earn and NFT bonuses.

Cheng further emphasized that the game’s unique characteristics, when paired with Sui’s cutting-edge gaming technology driven by the Move coding program, will offer all players an enjoyable and captivating gaming performance.

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