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In the letter
- KPMG is a leading accounting firm.
- It will integrate Coin Metrics’ blockchain products with its existing digital asset product.
- The move should help it stay relevant to institutional clients looking into the cryptocurrency.
KPMG, one of the “Big Four” accounting firms along with Deloitte, EY and PwC, has announced a “strategic alliance” with a crypto market data company Coin metrics.
The company sees the partnership as a way to “support growth in institutional adoption of public cryptocurrencies and blockchains.”
The announcement comes at a time when financial institutions’ need for accounting and auditing services is growing, as evidenced by PayPal’s announcement that it will soon allow users to buy and sell cryptocurrency.
The alliance focuses on three products: Coin Metrics’ ATLAS and FARUM and KPMG’s Chain Fusion.
FARUM is a risk management tool to monitor not only potential attacks on a blockchain network, but also commission volatility and unusual events. Extract data from nodes, mining pools and other sources.
ATLAS is a blockchain research tool for checking popular blockchain transactions. One of its key utilities is to determine the value of assets for reporting capital gains or losses on taxes, which KPMG’s global tax accounting team would appreciate.
Both products will integrate with Chain Fusion, KPMG’s suite of digital assets to help fintech firms and financial services firms navigate everything from anti-money laundering regulations to financial risk.
According to Sal Ternullo, co-lead of KPMG Cryptoasset Services, “The integration of Coin Metrics’ Atlas and Farum products and KPMG Chain Fusion provides a reliable foundation for the adoption of digital assets. Farum represents a significant step forward for custodians and exchanges who are exposed to often unmonitored blockchain network risks that can impact their businesses. “
KPMG provides audit services to major financial institutions, including Citigroup, Deutsche Bank and Wells Fargo.
Like other members of the Big Four, he switched to cryptocurrencies fairly early on. Sam Wyner, of the company other co-lead of Cryptoasset Services, said Decrypt last month the company was handling customer inquiries to overcome compliance and security concerns related to cryptocurrency custody.
His latest move will help him stay competitive with his cohort. Ernst and Young created their own cryptocurrency service this summer, while PwC partnered with ChainSecurity to control smart contracts. Deloitte, meanwhile, maintains a team of software developers to help customers maintain blockchain products.
