- KPMG establishes partnership to enhance institutional adoption of crypto assets and public blockchains
- Launching of Coin Metrics’ FARUM which facilitates BitGo’s clients for monitoring risks associated with public blockchain.
Taxation Firm Steps Foot in Expanding Territory
KPMG, one of the leading auditing and taxation firms has formally announced its partnership with Coin Metrics and BitGo. The combined entity would be offering a basket of services including complementary products and services which are designed to cater the rapidly increasing institutional adoption of crypto assets and public blockchains.
Coin Metrics is a provider of transparent and actionable cryptocurrency, market and network data. Just before the pandemic, it had raised nearly $6 mm in a funding round for expansion of the company’s product offerings. BitGo on the other hand is a digital asset trust company and security organisation offering multi-signature bitcoin wallet services through which the risks can be spread across multiple owners. The partnership will be beneficial as all entities can leverage their respective expertise in finance, taxation, cryptocurrency and digital security to cover any possible loopholes.
Benefits of Collaboration
The collaboration will benefit in delivering products and services required by the institutional clients to permit broad adoption of digital assets. This would also include KPMG’s Chain Fusion services, a suite of blockchain analytical tools for business purposes, risk and compliance. BitGo will extend the specialisation of custody technology and solutions. The aim is to deliver core capabilities for banks and financial institutions without meticulous monitoring of compliance and risk integration.
Another feather in the cap would be launching of FARUM which is a risk management product that enables the identification of network attacks, fee volatility risks and other unusual network event sides. It offers a new level of public blockchain intelligence which is transforming institutional risk management in public blockchains. This would be an integrated solution especially at a time when there is a significant jump in institutional adoption.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.