Join Our Telegram channel to stay up to date on breaking news coverage
BitGo, CoinMetrics, and KPMG have entered into a partnership that will help manage the risks in public blockchain networks.
According to the announcement, the partnership will use Coin Metric’s data and intelligence products, BitGo’s custody technology, and KPMG’s Chain Fusion services.
FARUM to help monitor risks
In connection to the offering, Coin Metrics has revealed the rollout of new product suites it calls FARUM. The platform will enable BitGo’s present and future users to manage and monitor risks on networks such as Ethereum and Bitcoin.
Arun Ghosh, head of Blockchain for One Americas at KPMG, said the company is excited about the partnership and the launch in the market. According to him, it’s a vital step towards the use of an integrated solution to unit core capabilities in the industry.
“We are thrilled to launch a combined offering to the market,” he stated. He added that FARUM is bringing a new level of public blockchain intelligence that can enhance institutional risk management, especially in blockchains.
KPMG is one of the world’s leading taxation and auditing firms. The partnering firms hope to increase institutional adoption of public blockchains and crypto-assets.
The crypto industry keeps expanding
In March last year, Coin Metrics executed fundraising and raised about $8 million in the process. The funding round, carried out to expand the firm’s product offerings, was led by Capital Partners.
There is no doubt that the crypto industry has grown massively in the last few months. This year alone, Bitcoin, Ethereum, and several other crypto assets have broken their all-time highs more than once.
The crypto industry growth is largely due to the increased activities of institutional investors. There is more institutional adoption of cryptocurrencies, and it seems more institutions still want to join the race. The market has also opened the growth of decentralized finance (DeFi).
KPMG has seen the need to still increase the institutional adoption of cryptocurrencies, which is what spurred the partnership.
Facilitating an expanded institutional adoption
BitGo also commented on the partnership, stating that it’s delighted to enter into the collaboration with both firms.
The company said the time is right to introduce an outstanding product to the marketplace. BitGo says it will deliver the products required for its institutional clients to ensure wide adoption of blockchain technology and cryptocurrencies.
Earlier, Amber Group also partnered with BitGo to encourage more institutional investors. With the launch of FARUM, users will have the tools required for identifying network attacks, unusual network event risks, fees volatility risks, and transaction reorgs.
The partnership between Coin Metrics and KPMG will offer crypto-asset services, proprietary analytics, and data insights to support a wider institutional adoption.
Read more:
Join Our Telegram channel to stay up to date on breaking news coverage
