KPMG’s Chain Fusion suite is combined with Coin Metrics risk management. The resulting services attempt to drive the institutional adoption of cryptocurrencies.
The consulting firm KPMG and Coin Metrics announced last Thursday, October 29, an alliance to offer analytical tools and cryptocurrency services that support the institutional adoption of cryptocurrencies, according to a joint press release.
The alliance combines Coin Metrics’ infrastructure data products with KPMG’s Chain Fusion platform, the statement said. Through this alliance, the possibility is offered for financial institutions to “take on the challenge of adopting crypto-assets in public blockchains,” the companies say in a downloadable technical document that explains the alliance.
Data from public blockchains must be collected and integrated into conventional information technology systems. On behalf of KPMG, the Chain Fusion software suite automates and simplifies that connection.
Coin Metrics integrates its risk analysis proposal, Farum, with KPMG software, which allows organizations to monitor and manage network attack attempts, commission volatility, and other risk events, according to the whitepaper.
Also, through the alliance, the services of the Atlas search tool from Coin Metrics are integrated, which provides access to on-chain data through a block explorer. The Atlas API component provides a uniform way to collect full node data from various blockchains, Claims Coin Metrics.
“The integration of Coin Metrics’ Atlas and Farum products with KPMG’s Chain Fusion provides a reliable foundation for digital asset adoption,” said Sal Ternulio, co-leader of KPMG’s Crypto Asset Services. The executive noted that Farum is a tool for custodians and exchanges that are exposed to unmonitored network risks that could impact their operations.
For his part, Tim Rice, CEO of Coin Metrics, stated that this alliance allows KPMG to go to the market together and “solve real problems of cryptocurrency users.”
This agreement appears at a moment on which the institutional adoption of bitcoin is accelerating, through the use of bitcoin as a strategic treasury reserve and with options for investment institutions in bitcoin funds.
At least a score of corporations already acquired more than 600,000 BTC, in institutional investment plans in bitcoin as a reserve asset, which represents a capital of more than 8,000 million dollars. Coin Metrics was founded in 2017 as an open-source project, created with the main purpose to determine the economic significance of public blockchains.
By: Jenson Nuñez.
