[vc_row][vc_column][vc_column_text]KPMG has generated a suite of tools made to help both traditional financial companies and fintech startups provide tightly managed crypto-asset services.
Sam Wyner, co-lead and director of the Big 4 auditor’s Cryptoasset Services team, year told CoinDesk that his team have been working on the project for approximately a, february building the specific suite of tools since.
It’s not unusual for a bank to possess tens of systems … and crypto companies have an identical problem where for his or her blockchain-based systems, they’re different fundamentally, the infrastructure behind them differs from what is fundamentally happening in traditional systems
…he said and added:
Exactly the same problem that occurs is ‘how will you connect all of your blockchain based systems to traditional ones, and do this in a genuine way that the organization is wanting to operate in?‘
One example is making certain the info on a blockchain matches the info recorded on an entities books, he said.
Once you learn you control an address and you also think you have one bitcoin onto it and you go through the address on the general public blockchain, are you experiencing one bitcoin or are you currently owning a fractional reserve?
Other challenges included finding means of having the ability to pull data from databases, including blockchain information, and also run queries still. Wyner said:
We developed everything in a manner that we could actually incorporate various kinds of technology providers and market data and infrastructure providers
Wyner declined to state how many companies have previously begun using Chain Fusion, saying only that KPMG was discussing the merchandise with “multiple clients or clients.”
While he wouldn’t say that KPMG’s reputation or name independently necessarily help companies are more comfortable dipping their toes into crypto-asset management, he did remember that risk isn’t new in the financial services industry, and process control and risk are two areas KPMG is more comfortable with.
At least in my own career this is among the first times I’ve really considered something and carried everything the way to this aspect with the help of lots of people on this team, it could have been possible minus the support of we never. It’s a thrilling time, I’m excited to keep to discuss chain fusion challenging ongoing companies.