IMG-LOGO

KPMG Introduces Cryptocurrency Management Platform

News Feed - 2020-06-25 05:06:14

KPMG Introduces Cryptocurrency Management Platform


KPMG has launched a cryptocurrency management platform designed to accelerate institutional crypto adoption. KPMG’s patent-pending tool aims to bridge traditional data and crypto systems, integratingkey use cases of cryptocurrency, including custody, wallets, and anti-money laundering (AML) transaction monitoring.KPMG’s Crypto Suite


KPMG LLP announced on Monday that it has launched a “New platform [that] addresses global regulatory concerns for strong system controls and processes for crypto and digital assets.” Called KPMG Chain Fusion, the new cryptocurrency platform aims “to help manage crypto and traditional assets over public and private blockchain networks,” the announcement details. KPMG LLP is the U.S. member firm of KPMG International, one of the Big Four accounting firms, which has more than 219,000 professionals working in 147 countries and territories.


The firm described this product as “a patent-pending suite of advanced analytics capabilities built on leading cryptoasset data and technology products to streamline the ability for financial services companies and fintechs to offer cryptoasset services on an institutional scale,” adding:KPMG Chain Fusion is designed to accelerate trusted adoption of core cryptoasset capabilities through a consistent data architecture.


The new cryptocurrency platform “enables advanced analytics” for key use cases of cryptocurrency, including custody, wallets, “proof of reserves (asset position reconciliation), and AML transaction monitoring,” the firm outlined.The new KPMG cryptocurrency management tool, Chain Fusion, aims to accelerate the adoption of core crypto capabilities.




While many financial service institutions and fintech firms are already offering crypto services, KPMG emphasized that an increased number of traditional businesses are now offering crypto services on “both public, permissionless and permissioned blockchains.” The firm’s website elaborates:The operation of a successful cryptoasset business at institutional scale hinges on the ability to efficiently and effectively integrate blockchain data alongside traditional data infrastructure.


Sam Wyner, director of the KPMG Cryptoasset Services team, noted that while leading crypto technology solutions “can address process and control requirements within their own systems, the greater challenge is making sure systems can work together.” That’s where the firm’s new crypto management platform comes in. According to Wyner, “KPMG Chain Fusion addresses those challenges by bringing these systems together with the required processes and controls under one roof.”


What do you think about KPMG’s cryptocurrency management platform? Let us know in the comments section below.83% of Bitcoin Addresses Currently Profitable, Says GlassnodeNEWS | 23 hours agoJim Rogers Discusses Bitcoin as Money and Why Governments Will Stop CryptoNEWS | 1 day agoTags in this storyaudit firms, Big Four, kpmg bitcoin, kpmg crypto, kpmg crypto assets, kpmg cryptocurrency, kpmg cryptocurrency system


Image Credits: Shutterstock, Pixabay, Wiki Commons, KPMGSpot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading journey today here.Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Read disclaimer Show comments