Leading audit, tax and advisory firm, KPMG, recently disclosed that it has created a suite of tools built in to support both fintech startups and traditional financial institutions that provide tightly managed crypto-asset services.
KPMG Chain Fusion is designed to support clients in addressing complex, foundational problems facing organizations competing in the institutional crypto market.
The technology infrastructure, operational mechanics, and inherent risks are fundamentally different from traditional systems supporting financial services companies and fintech.
KPMG Chain Fusion leverages a structured data model to combine data originating from blockchain infrastructure and traditional systems in support of analytics for business, risk, and compliance objectives.
Coinciding with KPMG’s offering, CoinMetrics also disclosed the commercial launch of its new product tagged as FARUM, which provides BitGo’s existing and future clients the ability to monitor and manage risk on networks like Bitcoin and Ethereum.
FARUM was designed to provide its customers with the tools to identify network attacks, fee volatility risks, and unusual network event risks, according to the company’s website.
Other functions include:
- Alerts for network attack risk, transaction reorganization risk, fee volatility risk, and unusual network event risk such as the exploitation of an inflation bug.
- View of past, present, and future transaction settlement.
It’s critical to note that both KPMG and CoinMetrics formed an all-important alliance many months ago, that paired CoinMetrics’ full-suite of institutional data products and infrastructure with KPMG Chain Fusion, a patent-pending suite of capabilities announced mid last year
Recall many months ago, KPMG’s United States blockchain audit leader, Erich Braun, opined that a business’s blockchain system should be developed with the intent to meet both accounting and operational needs to meet with accounting standards:
“SEC issuers will want to design blockchain technologies to support the entity’s internal control over financial reporting. Being able to prove how these technologies achieve their aims in a well-controlled environment is critical to a successful blockchain strategy. If the technology is not auditable, the immense benefits it brings, such as increasing efficiencies and cutting costs, may not be realized.”
Expectedly, professional services giants are now taking a larger role in tackling new challenges in the market. Leading brands are working with several crypto and blockchain firms on ways to combat interoperability, regulatory challenges, and the development of the technology.