Auditing Giant, KPMG & CoinMetrics Launch Service to Monitor Risk for BitGo Institutional Clients

  • Big four auditing giant KPMG and crypto intelligence firm CoinMetrics partnership offers institutional crypto custodian, BitGo, clients a channel to monitor and mitigate risk on public blockchains.

Announced on Thursday, the partnership among the three firms aims to enhance institutional investment in crypto via a “deeply integrated combined offering.” The offering consists of BitGo’s custodial service, Chainalysis data, and intelligence on blockchains and KPMG’s Chain Fusion, which offers crypto asset management tools to institutional investors.

The alliance started in October 2020 when KPMG announced a strategic partnership with CoinMetrics to expand its blockchain product suite. The alliance aims at ensuring the delivery of reliable and accurate data and proprietary analytics to institutional investors.

In the report, CoinMetrics also announced its FARUM business product suite's commercial launch allowing BitGo clients to efficiently mitigate and monitor risks on public blockchains such as Bitcoin. FARUM provides risk management tools that allow identifying and monitoring network attacks, fee volatility risks, and any unusual events on the blockchain.

According to BitGo Chief Revenue Officer Pete Najarian, the alliance is designed to increase institutional adoption of crypto while boosting the safety of funds. He said,

“Through this collaboration, we will be delivering the products and services that our institutional clients have needed to allow broad adoption of digital assets.”

KPMG will integrate its Chain Fusion system, which provides users with a suite of products to manage crypto assets. The data infrastructure also provides institutional investors a simpler way to keep up with reporting, regulations, and compliance.

The new product “marks a significant step forward in uniting the core capabilities” of the firms, Arun Ghosh, Principal and KPMG Head of Blockchain for One Americas, said in a statement. Institutions and banks can now leverage the experience in custody, system integration security, risk, and compliance in a one-stop-shop.

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