KPMG Announces Partnership with BitGo and Coin Metrics

KPMG, one of the leading taxation and auditing firms around the world, announced that it has partnered with Coin Metrics and BitGo to launch a combined offering that includes a suite of complementary products and services designed to enable the increasing institutional adoption of crypto assets and public blockchains.

According to the official announcement, the combined suite includes the official launch of Coin Metrics' FARUM, a service that will facilitate BitGo’s clients to monitor public Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term network risks. In October 2020, KPMG and Coin Metrics established a strategic alliance.

Commenting on the recent announcement, Arun Ghosh, Principal and KPMG Head of Blockchain for One Americas, said: “We are thrilled to launch a combined offering to market, which marks a significant step forward in uniting core capabilities for custody, data and risk/compliance and security through an integrated solution. FARUM presents a new level of public blockchain intelligence that is transforming institutional risk management in public blockchains. We are thrilled to realize the opportunity to launch this offering together with BitGo and Coin Metrics."

In March 2020, Coin Metrics raised nearly $6 million in a funding round led by Highland Capital Partners to expand the company’s product offering.

Adoption of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term

The cryptocurrency market has grown rapidly in the last few months due to a significant jump in institutional adoption. In the latest press release, KPMG mentioned that the main focus of the newly formed partnership is to increase the institutional adoption of digital currencies and public blockchains.

"This is the perfect time to offer a world-class, consolidated product suite to the marketplace, and we are delighted to be joining KPMG and Coin Metrics in this effort. Through this collaboration, we will be delivering the products and services that our institutional clients have needed to allow broad adoption of digital assets," Pete Najarian, Chief Revenue Officer at BitGo mentioned in the official announcement.

Finance Magnates earlier reported about the selection of BitGo by Amber Group to facilitate institutional investors.