KPMG launches institutional crypto platform
25 Jun 2020
KPMG, one of the so-called ‘Big Four’ accounting and auditing organisations, has unveiled a cryptocurrency management platform aimed at accelerating institutional crypto adoption.
The new service is, says the firm, designed to bridge traditional data and crypto systems, integrating key use cases of cryptocurrency, including custody, anti-money laundering (AML) transaction monitoring.
In a statement, KPMG announced 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 will “help manage crypto and traditional assets over public and private blockchain networks,” said the spokesperson.
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.”
It added: “KPMG Chain Fusion is designed to accelerate trusted adoption of core cryptoasset capabilities through a consistent data architecture.”
On the website of the organisation, which operates in 147 countries and employs around 219,000 staff, a separate statement reads: “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.”
Meanwhile, Sam Wyner, director of the KPMG Cryptoasset Services team, affirmed that tech solutions “can address process and control requirements within their own systems, the greater challenge is making sure systems can work together.”
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