- Two products will get integrated with KPMG’s product Chain Fusion
- Farum will represent an unprecedented step towards custodians and exchanges
Nic Carter, the co-founder of CoinMetrics, revealed through a tweet, for growth of crypto adoption by institutions, CoinMetrics, a crypto market and network data provider has partnered with one of the worlds ‘Big Four’ accounting firms, KPMG International. They created a strategic alliance with a plan to integrate their products that can support the institutional adoption of digital assets and public blockchains.
The Collaboration of CoinMetrics and KPMG
The announcement of partnership came when financial institutions require accounting and auditing services is rapidly growing. CoinMetrics partnered with KPMG to join their products. ALTAS and FARUM from CoinMetrics with Chain Fusion from KPMG. Their partnership wants to see several entities integrating blockchain solutions to equip a trusted and convenient territory for crypto assets adoption.
Joining of Tools
FARUM is a risk management tool of CoinMetrics that helps manage potential attacks on a blockchain network, fee volatility, and unusual events. FARUM trials data from several sources like nodes and mining tools. ATLAS is another tool of CoinMetrics, it helps searching blockchain for auditing transactions, and it also determines the value of assets to report capital profit or loss on taxes.
These two products will get integrated with KPMG’s product Chain Fusion. Chain Fusion is a digital asset suite that helps financial technology firms and other financial companies to navigate everything like anti-money laundering to financial risks.
Outcome after the Integration of their Products
Sal Ternullo, the co-leader of KPMG Digital Asset Services, stated that Farum will represent an unprecedented step towards custodians and exchanges that are exposed to unmonitored blockchain network risks that might impact several businesses. This integration of CoinMetrics’s Farum and Atlas with KPMG’s Chain Fusion can offer a trusted creation that will help institutions for adoption of digital assets.
According to Tim Rice, Chief Executive Officer at CoinMetrics, their products can avail transparency in the activities of open blockchain networks, and they are excited to bring this capability to the market with KPMG to solve several real business problems for crypto users.
KPMG’s Step Towards Cryptocurrency
Like other ‘Big Four’ members, KPMG also jumped in cryptocurrency too early. Now their latest moves of integrating such products will help the firm to stay competitive in the industry. The blockchain services launched for several financial institutions in China, Australia, and Japan, such solutions could also be helpful in the agricultural and goods processing sector.
However, Ernst & Young, the United States tax and transaction service consultant provider, also created their tax services, while PwC joined with ChainSecurity to audit smart contracts. Meanwhile, Deloitte, an accounting firm, has also maintained a team of software developers to help clients maintain blockchain products.
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