‘Big four’ accounting firm, KPMG, is expanding its blockchain product suite following a partnership with a leading crypto market data service provider, Coin Metrics. According to the announcement on Oct 27, the strategic alliance is meant to enhance the delivery of reliable data insights to bring more institutional clients into public blockchains and crypto-assets.
Notably, the announcement coincides with an increased interest in crypto by traditional financial institutions. Going by the trends, big players like PayPal will soon require advanced product suites in the blockchain niche for auditing processes. The KPMG partnership with Coin Metrics will see both firms integrate their blockchain products to serve institutional clients’ growing demand.
KPMG’s ‘Chain Fusion,’ a digital asset oriented product designed for financial firms, was launched as recently as June 2020. This product is set for integration with Coin Metrics’ Farum and Atlas, both of which propose value to KPMG’s core operations. Farum will enable KPMG clients to efficiently monitor risks by identifying fee volatility, transaction reorganizations, and network attacks.
Atlas, on the other hand, proposes value in transaction audits; this comes in handy with issues such as capital tax reporting, a niche where KPMG is a veteran player. KPMG’s Cryptoasset Services co-lead, Sal Ternullo, said that,
“The integration of Coin Metrics’ Atlas and Farum products and KPMG Chain Fusion provides a trusted foundation for the adoption of digital assets … Farum represents a significant step forward for custodians and exchanges who are exposed to often, unmonitored blockchain network risks that may impact their businesses.”
As the crypto market continues to gain traction, it is becoming evident that audit functions are necessary for the space to thrive. Well, KPMG is not the only ‘big four’ that has made a debut in crypto; its peer competitors PWC, Ernest & Young, and Deloitte have also shown interest. In fact, PWC recently partnered with ChainSecurity while Ernest & Young launched its crypto tax service a few months ago.