One of the “Big Four” accounting firms, KPMG, has announced a “strategic alliance” with crypto market data firm Coin Metrics.
The company viewed the partnership as a way to “support growth in institutional adoption of cryptoassets and public blockchains.”
The announcement came when financial institutions’ need for accounting and auditing services continues to grow; PayPal’s statement has shown that it will soon allow the users to buy and sell cryptocurrency.
The alliance centered around three products: ATLAS and FARUM from Coin Metrics and Chain Fusion from KPMG.
FARUM is a threat management tool that monitors possible attacks on a blockchain network, fee volatility, and unusual events. It is pulling data from nodes, mining pools, and additional sources.
ATLAS is a blockchain tool that audits transactions on popular blockchains. One of the critical utilities determines the value of assets that reports capital gains or losses on taxes – it is a factor that KPMG’s global accounting team will value.
The products mentioned above will integrate with Chain Fusion, KPMG’s digital asset suite, to help fintech firms and financial services companies navigate the whole lot from anti-money laundering regulations to financial risks.
The co-lead of KPMG Cryptoasset Services, Sal Ternullo, stated that
“The integration of Coin Metrics’ Atlas and Farum products and KPMG Chain Fusion provides a trusted foundation for the adoption of digital assets. Farum represents a significant step forward for custodians and exchanges that are exposed to often unmonitored blockchain network risks that may impact their businesses.”
KPMG is providing audit services for major financial institutions like Citigroup, Deutsche Bank, and Wells Fargo.
Like the other Big Four members, the venture into cryptocurrencies was a bit early Sam Wyner, the firm’s co-leader of Cryptoasset Services, stated in the previous month that the firm manages client requests to paddle through compliance and safety issues related to crypto custody.
Its latest move will help it stay competitive with its cohort. Ernst and Young created their crypto tax service this summer while PwC formed a partnership with ChainSecurity to audit smart contracts. Deloitte, meanwhile, maintains a team of software developers to help clients maintain blockchain products.
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