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KPMG, Coin Metrics and BitGo Join Forces for Better Risk Calculation in Bitcoin

Key facts:

The suite of products of the companies will promote the adoption of cryptocurrencies in institutions.

The bundled offering includes the debut of Farum, a network attack identifier.

Consulting firm KPMG and cryptocurrency firm Coin Metrics announced a combined offering and Farum’s commercial launch of Coin Metrics to enable BitGo clients to actively monitor and manage the risks of public blockchain networks.

This joint communication, signed in New York on February 18, 2021, is accompanied by the launch of a suite of products from the three companies to promote the adoption of cryptocurrencies by institutions and banks.

The collaboration will bring KPMG’s Chain Fusion accelerators and services to market, in conjunction with BitGo’s custodial technology and Coin Metrics’ intelligence data services through “a deeply integrated combined offering ”.

KPMG explains that Chain Fusion is a patent-pending suite of advanced analytics capabilities, based on leading cryptocurrency technology and data products to optimize the ability of financial services companies and fintechs to offer institutional-scale cryptocurrency services.

In this regard, Arrun Ghosh, director and head of KPMG of Blockchain for One Americas, said:

We are delighted to launch a combined offering to market, marking an important step forward in bringing together core custody, data, risk / compliance and security capabilities through one integrated solution.

KPMG and CoinMetrics work for institutional adoption of cryptocurrencies

cryptocurrencies market analysis institutionsKPMG and Coin Metrics have been working together since 2020 for the institutional adoption of cryptocurrencies. Source: Wikimedia images

It should be remembered that KPMG and Coin Metrics have been working together since 2020 for the institutional adoption of cryptocurrencies, as reported by CriptoNoticias. Through this alliance, the possibility is offered for financial institutions to take on the challenge of the adoption of cryptoassets on public blockchainssaid the companies in the technical document that explains this union.

Data from public blockchains must be collected and integrated into conventional information technology systems. On behalf of KPMG, the Chain Fusion software suite automates and simplifies that connection, the text reads.

BitGo has joined this union with which companies are in a position to launch their set of products. Pete Najarian, BitGo’s chief revenue officer, said:

Through this collaboration, we will be delivering the products and services that our clients have requested to enable wide adoption of digital assets.

Coin Metrics Farum Debut

Coin Metrics used the occasion to announce the debut of a tool as part of this suite called Farum. Farum is a risk management product that allows the identification of network attacks, risks of rate volatility and risks of unusual network events.

The company explains that one of Farum’s strengths is network risk management. The tool offers real-time knowledge of network conditions and proactive monitoring of exploited errors or network attacks.

Another of its benefits is that it has more than 40 key risk indicators (KRls) that cover all the factors that can affect the settlement of transactions. Mention the company that among its multiple functions provides conventional and unconventional data sources.

Geo-redundant full nodes provide data on processed transactions across the entire network topology, while custom nodes enable high-performance recording of unprocessed transactions in Mempool.

The company indicates that the real-time monitoring of the major mining pools provides a view on the future blocks that are being produced by the miners, allowing the prediction of possible network attacks or blockchain splits.

Coin Metrics notes that this system also offers flexible alert capabilities. In this sense, he points out that personalized alerts cover a wide range of risk profiles, from custodians who predominantly operate cold wallets to exchanges that sign hundreds of transactions per minute.

Ensures that Farum includes a resilient infrastructure. Facilitates a data entry layer with multiple instances of full node exporters for each asset, a strong focus on redundancy with local and cloud operations distributed around the world, and enterprise-grade operations compatible with regular backups, robust telemetry and comprehensive monitoring.

Finally, the data delivery layer uses multiple instances to ensure reliability, low latency, and is deployed on servers with geographic redundancy.

Coin Metrics, Inc was founded in 2017 as an open source project to determine the economic importance of public networks. The firm is considered as the leading provider of cryptographic financial intelligence, providing network data to the most prestigious cryptocurrency institutions.