Big Four Auditor KPMG Latest Report: Bullish On Crypto Industry For Institutions
KMPG Reports That Crypto Is A “Big Deal” But Needs Institutional Investment
KMPG, a Netherlands-based auditor that is one of the largest companies of its type, has released a bullish report on cryptos last week, November 15. The report affirms that crypto has a lot of room to grow but that the institutional investors need to join the industry in order to “realize its potential”.
The report made by KMPG focused on why and how institutional investors could enter the crypto market and the main challenges that they would face in doing this. According to the study, this would be important for cryptos to become a full-fledged asset class instead of an eternal promise.
KMPG’s author argues that potential is not everything and that institutionalization is needed as there is a lot of money there and it would also help the companies to properly scale their businesses when bankers, broker dealers, exchanges and payment providers are in the game.
One of the main issues of the industry, according to the report, is its lack of trust and inability to scale the business. The blockchain technology is facing severe scaling problems and it also has a bad rep because of the so many scams that used cryptos.
Goods News Amongst A Bad Time
With the Bank of International Settlements (BIS) and the European Central Bank (ECB) both against cryptos and the bear market reaching new all year lows, the crypto industry really needed a report like this one.
KPMG, being a huge firm, has power when it affirms that cryptos can be a “big deal” and that you should pay attention to them.
While the debate on whether cryptos are the future or not is far from settled at this point, it is important that companies are defending the industry when the times are so bleak like they are right now.
Crypto Assets Are Impossible To Ignore Now
With a boost in its awareness from late 2017 onwards, the crypto market is big now. It might not have the tradition that other markets hold, but it is far from an unknown market anymore. Many traditional companies are launching crypto-based products and hedge funds are also focused on doing it, so it looks like the time for Bitcoin and the other cryptos will be soon.
An example can be seen with the launch of Bakkt, a crypto-focused exchange that will be launched by the Intercontinental Exchange (ICE), which will definitely be a high-profile platform next year.