Auditing Giant KPMG Announces New Tool Chain Fusion to Institutional Crypto Investors

In the latest announcement, financial auditing giant KPMG presented its new tool dubbed Chain Fusion to help traditional financial and FinTech companies by providing well-managed cryptocurrency services.

The new KPMG tool helps institutional clients manage their crypto and traditional assets over the public and private blockchain networks. Under its Chain Fusion service, KPMG will assist its customers to manage and address global regulatory concerns while establishing strong processes and system controls for cryptocurrencies and other digital assets.

Additionally, KPMG will also help in assisting clients in solving different complex foundational problems that organizations face while competing in the cryptocurrency institutional market. It will also help them get the right technology infrastructure and navigate through the inherent risks since the crypto markets are fundamentally different in comparison to the traditional financial systems.

KPMG Chain Fusion project will also leverage a structured data model combining data from blockchain infrastructure and traditional systems and providing crucial analytics for businesses and other compliance objectives.

The Chain Fusion project will help institutional clients to address regulatory considerations from all across the globe. It will help clients get a grasp on the integrity of control environments and support their business objectives for accurate financial reporting. It will also support their technology objectives of security and maintaining integrity on both - traditional and 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 cryptoasset business – whether they are cryptoasset or traditional systems or anything in between.  If you are a blockchain or digital asset based business, you will have separate systems for everything”.

Besides, by offering robust solutions for data, custody, and infrastructure, the Chain Fusion project will companies and businesses to have a seamless and trusted adoption of digital assets.

KPMG says that with this project, their institutional clients will get proper guidance in attaining other technical challenges like attaining cryptographic proof of assets under custody and integration of other crypto custodial requirements like transaction monitoring for AML as well as multi-party computational cryptoasset wallets.

KPMG director Wyner added: "There is a fundamental difference in technologies required to integrate-- whether it be a permission or permissionless blockchain or a traditional front, middle and back office system. Leading cryptoasset technology solutions can address process and control requirements within their own systems, but the greater challenge is making sure systems can work together, with all the right processes and controls in place between those systems. KPMG Chain Fusion addresses those challenges by bringing these systems together with the required processes and controls under one roof."