Audit firm KPMG has announced the integration of its Chain Fusion product with Coin Metrics ‘ Atlas and Farum tools to attract institutional clients to the cryptocurrency industry.
The head of the cryptocurrency division of KPMG, Sal Ternullo, called the cooperation with Coin Metrics a “strategic alliance”. Farum is a risk management tool that allows you to track potential attacks on blockchains, commission changes, and “abnormal” events. The tool receives data from nodes, mining pools, and other sources. Atlas is a tool for auditing transactions in popular blockchains. One of its main tasks is to determine the value of assets for tax reporting on capital gains or losses.
Both of these products will be integrated with the Chain Fusion toolkit released by KPMG in June. Chain Fusion allows fintech companies and financial institutions to manage their data according to rules aimed at combating money laundering and preventing financial risks. According to Turnello, Farum will be a significant step forward for custodial services and exchanges, often exposed to uncontrolled risks that can affect their activities. Ternullo believes that the integration of Coin Metrics and KPMG products will lay a solid foundation for the adoption of cryptocurrencies and the introduction of open blockchains among institutions.
According to a KPMG study last year, most companies in the financial and tax sectors are in no hurry to implement blockchain. Note that this month, KPMG introduced a blockchain-based Climate Accounting Infrastructure (CAI) solution for tracking greenhouse gas emissions into the atmosphere.