New suite of capabilities is helping clients accelerate their efforts in building strong systems of processes and controls for crypto and digital assets
KPMG LLP (KPMG) has been granted a patent by the United States Patent and Trademark Office for Chain FusionTM, a suite of advanced analytics capabilities built on leading cryptoasset data and infrastructure products, to streamline the ability for financial services companies, FinTechs, and crypto-native organizations to offer institutional quality cryptoasset capabilities and services. A second patent that builds upon the custody capabilities of Chain Fusion is pending.
The operation of a successful cryptoasset business at institutional scale hinges on its ability to efficiently and effectively integrate blockchain data alongside traditional data infrastructure to support core business, risk and compliance functions across the front, middle and back office of the enterprise. Chain Fusion’s analytics capabilities integrate blockchain and traditional systems, enabling enterprises to build a strong foundation for regulatory compliance.
“Efficient and effective processes and controls are table stakes for traditional financial institutions and crypto-natives in their efforts to meet regulatory requirements. Complete and accurate data from both blockchain-based and traditional systems is essential for appropriately operating those processes and controls. Chain Fusion analytics capabilities enables clients to design processes and controls in order to meet regulatory requirements,” said Sam Wyner, US Lead of Cryptoasset Products and Services and co-inventor of Chain Fusion.
Chain Fusion was co-invented by the KPMG team of Sam Wyner, Sal Ternullo, Shekar Atmakur, Kevin Bornatsch, Okiki Famutimi, and led by Arun Ghosh.
In addition to serving financial services clients, KPMG is also using Chain Fusion and the institutional quality data it enables as part of performing financial statement audits of clients that are operating crypto-ecosystem businesses and those organizations taking on balance sheet positions.
“Chain Fusion is enabling KPMG to provide audit services to leading financial institutions and crypto-natives,” said Robert Sledge, Partner, Audit at KPMG. “The ability to obtain audit evidence about balances and transactions recorded on leading blockchains helps us continue to deliver high quality audits that satisfy regulatory standards.”
KPMG has an alliance with Coin Metrics, which provides the data that powers Chain Fusion, along with a suite of complementary products and services designed to enable the increasing institutional adoption of cryptoassets and public blockchains.
For more information on KPMG Chain Fusion, please click on: http://read.kpmg.us/ChainFusion
*Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.