The KPMG Chain Fusion is designed to help businesses accelerate crypto adoption
KPMG, a member of KPMG International, announced on Monday that it has launched the KPMG Chain Fusion. According to the advisory, the KPMG Chain Fusion has been established “to help manage crypto and traditional assets over public and private blockchain networks.”
KPMG International is one of the world’s most prominent accounting organisations and part of the ‘Big Four’ accounting firms, with more than 219,000 professionals working in 147 countries and territories around the world.
The firm described the Chain Fusion as “a patent-pending suite of advanced analytics capabilities built on leading crypto asset data and technology products to streamline the ability for financial services companies and fintech to offer crypto asset services on an institutional scale.”
The release also added that the product is designed to accelerate the adoption of core crypto-asset capabilities with the help of solid data planning.
This new cryptocurrency platform increases the capacity for businesses to engage in advance analytics for key use cases of cryptocurrency, such as custody, wallets, proof of reserves and anti-money laundering (AML) transaction monitoring.
With many financial service institutions and fintech firms offering crypto services, KPMG pointed out that an increasing number of traditional businesses are also offering crypto services on “public, permissionless, and permissioned blockchains.”
The firm’s website explains that the operation of a successful crypto asset business at an institutional scale “hinges on the ability to efficiently and effectively integrate blockchain data alongside traditional data infrastructure.”
Director of the KPMG Cryptoasset Services team, Sam Wyner, added that while the current leading crypto technology solutions are capable of addressing process and control requirements within their own systems, “the greater challenge is making sure systems can work together.”
This is where the firm’s new crypto management platform plays an important role. Wyner explained that the KPMG Chain Fusion addresses these challenges “by bringing these systems together with the required processes and controls under one roof.”
“KPMG Chain Fusion is designed to accelerate institutional adoption of core capabilities by leveraging trusted technology and leading global service delivery to support businesses engaging with an increasing taxonomy of crypto and digital assets.” the report concludes.