KPMG LLP, the U.S. audit, tax, and advisory firm, has announced a strategic collaboration with Cryptio, a leading crypto accounting software platform, to help companies establish better controls for accounting for crypto assets.
According to a press release, the partnership addresses the growing need for accurate financial reporting in the evolving digital asset landscape.
Both companies noted that they would provide tools for accurate and comprehensive on-chain data, which has now become essential for financial reporting, particularly as best practices for crypto accounting and auditing evolve in the United States.
Brian Consolvo, Principal Technology Risk at KPMG, highlighted the significance of this collaboration, emphasizing its role in helping financial institutions and enterprises navigate the opportunities and challenges of the digital asset space.
He also stressed the importance of robust accounting and reporting practices, risk management, and strong internal controls in this rapidly evolving sector.
“Through this collaboration, we offer a comprehensive solution that streamlines digital asset accounting practices and helps clients meet their regulatory obligations,” Consolvo stated.
The partnership combines Cryptio’s advanced technology for maintaining complete and auditable on-chain data with KPMG’s industry expertise in enhancing internal controls and meeting financial reporting standards. This integrated approach offers enterprises and institutions a comprehensive solution that includes a crypto data layer and tech stack, along with specialized expertise and regulatory guidance.
Antoine Scalia, Founder and CEO of Cryptio, emphasized that the partnership will empower organizations to confidently manage regulatory reporting requirements, audits, and accounting processes.
According to Scalia, “This alliance paves the way for a more mature and secure crypto industry, fostering trust and long-term sustainability.”
In related news, Unicoin, a New York-based blockchain technology company, has announced plans to go public and launch its cryptocurrency by year-end. CEO Alex Konanykhin revealed that the cryptocurrency’s value would be derived from Unicorn’s equity and real estate holdings, although the tokens will not represent direct stakes in these assets.
The company’s strategy involves using real-world asset holdings to support Unicoin’s initial development and establish its market presence. This strategy reflects a growing trend of backing cryptocurrencies with tangible assets to enhance stability and credibility in the volatile crypto market.
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