Netherlands-based accounting and auditing organization KPMG has launched KPMG Chain Fusion, a cryptocurrency management platform focused on accelerating institutional crypto adoption.
The suite awaits patent and is built on crypto asset data and technology products to facilitate the ability for financial services companies and fintech companies to offer crypto asset services to institutional clients.
The platform’s technology infrastructure, operational mechanics and inherent risks differ significantly from traditional system that support financial services companies and fintechs. These differences present big challenges in data aggregation from different technology environments in order to meet internal and external expectations, including for customer account management, anti-money laundering (AML) and security.
KPMG Chain Fusion utilizes a structured data model to incorporate data from blockchain infrastructure and traditional systems to support the analytics for business, risk and compliance objectives.
The platform aims to help its clients address concerns from regulators across the world while focusing on the integrity of control environments in order to support business objectives for accurate financial reporting and technology objectives for security, availability and processing integrity in traditional, as well as blockchain systems.
Sam Wyner, director and co-lead of KPMG Cryptoasset Services team said:
Regulators and auditors expect fully implemented controls and processes within and across a crypto asset business – whether they are crypto asset or traditional systems or anything in between. If you are a blockchain or digital asset-based business, you will have separate systems for everything.