Big four auditing firm KPMG has launched KPMG Chain Fusion, a cryptocurrency management suite with analytic features.
On June 22 an announcement was made stating that the new KPMG Chain Fusion suite is meant to allow financial technology companies to more easily offer crypto asset services on an institutional scale.
‘Big 4’ Auditor KPMG Launches KPMG Chain Fusion To Help Manage #Crypto And Traditional Assets Over Public And Private Blockchain Networks.https://t.co/NKGEWoDxCM — ICO Drops (@ICODrops) June 24, 2020
The announcement is followed by a KPMG report which suggested that institutional custody services are of the utmost importance.
Crypto assets function very differently compared to traditional assets when it comes to technology infrastructure, operational mechanics, and inherent risks.
These differences translate to challenges in data management which are sufficient to meet customer account management, anti-money laundering, and security requirements.
KPMG Chain fusion is meant to address the issues caused by the ways crypto assets are compared to their traditional counterparts.
Director and co-lead of the firm’s crypto asset services team Sam Wyner said:
“Regulators and auditors expect fully implemented controls and processes within and across a cryptoasset business — whether they are cryptoasset or traditional systems or anything in between.”
KPMG is increasingly investing in blockchain-related services.
Last year, KPMG launched a blockchain-based track and trace platform in Australia, China, and Japan.
KPMG also predicted that internet-of-things and blockchain technology will bejointly used to manage the fallout of climate change.