Jul 22, 2020
Sam Wyner and Sal Ternullo, cryptoasset services co-leads at KPMG, join the show to talk about KPMG's newly-released analytics capabilities dubbed Chain Fusion. Chain Fusion is a patent pending suite of advanced analytics capabilities built on leading cryptoasset data and infrastructure products, to streamline the ability for financial services companies, FinTechs, and organizations across industries to deliver institutional quality cryptoasset capabilities and services. In this episode:
- KPMG's historical engagement with the crypto industry
- How audit/consulting firms are engaging with crypto financial institutions
- The choice to have a crypto specific team at KPMG (rather than simply focusing on blockchain)
- The reason why formal financial statement audits for crypto companies are not occuring in the US today
- Why an asset taxonomy from regulators matters to auditors
- What Chain Fusion is and what it's designed to solve
- The intersection of Chain Fusion and Proofs of Reserves for exchanges
- Why audit standards still don't take into account the notion of cryptographic signatures to prove ownership of an asset
- Why the FATF travel rule is so difficult to implement
Check out the press release for Chain Fusion which provides a high-level overview of the accelerator suite and contact information to get in touch with Sam and Sal.
Learn more about KPMG's Blockchain initiatives to explore recent thought leadership including Cracking Crypto Custody which describes four pillars for winning institutional crypto custody models.