Big Four Audit Firm KPMG Rolls Out Crypto Assets Management Tool
KPMG, one of the Big Four auditing firms, rolled out a crypto administration tool with analytical abilities. The latest KPMG Chain Fusion tool facilitates tech firms to easily provide crypto asset related services on an institutional level.
Notably, KPMG had published a report suggesting that institutional level custody services are of prime importance.
In terms of technology, operational methodology, risks and framework, cryptocurrency assets are poles apart when compared to conventional assets.
Those disparities cause difficulties in data administration, leading to issues with client account administration, security needs and anti-money laundering.
KPMG Chain fusion is intended to resolve the problems created by the manner in which cryptocurrencies is matched with conventional assets.
Sam Wyner, Director and co-lead of the firm’s crypto asset services team, has underlined:
“Regulators and auditors expect fully implemented controls and processes within and across a cryptoasset business — whether they are cryptoasset or traditional systems or anything in between.”
KPMG continues to invest in blockchain associated facilities. At the end of last year, the company rolled out a blockchain powered monitoring platform in China, Japan and Australia.
Earlier this January, KPMG also forecast that IoT (internet of things) and blockchain technology will together be used to administer the impact of climate change.