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Tuesday, December 6, 2022

KPMG Launches Crypto Asset Management Tools

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KPMG has built a suite of tools designed to help both traditional financial companies and fintech startups provide tightly managed crypto-asset services.

Targeting institutional clients, the new KPMG Chain Fusion product lets customers manage their data in compliance with regulations around financial reporting, security and processing needs.

The KPMG crypto suite allows these customers to collect and organize data from both traditional systems as well as blockchain databases, the company announced Monday.

Sam Wyner, director and co-lead of the Big 4 auditor’s Cryptoasset Services team, told CoinDesk his team had been working on the project for about a year, building the actual suite of tools since February.

“It’s not unusual for a bank to have tens of systems … and crypto companies have a similar problem where for their blockchain-based systems, they’re fundamentally different, the infrastructure behind them is fundamentally different from what’s happening in traditional systems,” he said. “The same problem that happens is ‘how do you connect all your blockchain based systems to traditional ones, and do that in a way that the organization is trying to operate in?’”

Chain Fusion’s core service essentially creates a standardized data model for all transactions that an organization conducts, he said, regardless of whether they’re an on-chain/off-chain blockchain transaction or a traditional fiat one.

This allows these entities to run “advanced analytics” on the data. To demonstrate this capability, KPMG built multiple use case modules based around actual feedback from companies in the industry, he said.

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