KPMG Introduces Cryptocurrency Management Platform
Kevin Helms June 24, 2020 News 0
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, integrating key use cases of cryptocurrency, including custody, wallets, and anti-money laundering (AML) transaction monitoring.
KPMG’s Crypto SuiteKPMG 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. 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. The post KPMG Introduces Cryptocurrency Management Platform appeared first on Bitcoin News.
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