Bitcoinstorage provider Elliptic Enterprises Ltd. has achieved a Bitcoin industry first in obtaining ISAE3402 accreditation from a big four accounting firm for financial reporting at a standard applied to banks.

The London, England-based companyprovides services to investment funds and trading houses, covering Bitcoin and other cryptocurrency storage solutions.

ISAE 3402 accreditation:Assurance Reports on Controls at a Service Organization, providesan international assurance standard for allowing public accountants to issue a report for use by user organizations and their auditors on the controls at a service organization that are likely to impact or be a part of the user organizations system of internal control over financial reporting.

Thereview, undertaken by KPMG that led to accreditation scrutinized various aspects of a business, such asfinancial controls, regulatory compliance, financial controls, code deployment, disaster recovery, segregation of duties and offline bitcoin storage techniques.

KPMGs accreditation is an important milestone, James Smith, Elliptics chief executive officer, said in a statement.

[it] demonstrates to our customers that we have the rigorous internal processes and controls expected of any traditional financial services providerwe think its important that the services we offer in the digital currency space are held to the same standards as those operating in more conventional markets.

Its a positive step forward for a Bitcoin storage company to seek the same accreditation undertaken by banks. Its no guarantee that nothing will ever go wrong, but the transparency afforded by the standards compliance offers some level of customers assurance given that Elliptic advertises its services as providing peace-of-mind that your Bitcoin holdings are safe and secure.

Elliptic was founded in 2013 and has taken $2 million in venture capital in two rounds that included Seedfund andOctopus Investments.

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Bitcoin storage firm Elliptic receives reporting accreditation from KPMG