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 by 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 products data and cryptocurrency technology to optimize the ability of financial services companies and fintechs to offer cryptocurrency services on an institutional scale.
In this regard, Arrun Ghosh, Director and Head of Blockchain KPMG for One Americas, noted:
We are delighted to launch a combined offering to the market, marking an important step forward in uniting core custody capabilities, data , risk / compliance and security through an integrated solution.
KPMG and CoinMetrics work for adoption institutional cryptocurrency
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 crypto assets in public blockchains , the companies said 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 this connection, the text reads.
BitGo has joined this union with which companies are in a position to launch their set of products. Pete Najarian, Chief Revenue Officer at BitGo, said:
Through this collaboration, we will be delivering the products and services that our clients have requested to enable wide adoption of digital assets.
Debut of Farum of Coin Metrics
Coin Metrics took the opportunity to announce the debut of a tool as part of this set 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. The company mentions that among its multiple functions it provides conventional and unconventional data sources.
For their part, full nodes with geographic redundancy provide data on transactions processed throughout the network topology, while that custom nodes enable high-performance recording of unprocessed transactions in Mempool.
Indicates the company that real-time monitoring of major mining pools provides a view on future blocks that are producing miners, allowing the prediction of potential network attacks or blockchain splits.
Coin Metrics notes that this system also offers flexible alert capabilities . In this sense, it 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.
It ensures that Farum includes a resilient infrastructure . It 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-level operations with support for regular backups, Robust telemetry and full monitoring.
Lastly, the data delivery layer uses multiple instances to ensure reliability, low latency, and is deployed on geo-redundant servers.
Coin Metrics, Inc was founded in 2017 as an open source project to determine the economic importance of public networks. The firm is regarded as the leading provider of cryptographic financial intelligence, providing network data to the most prestigious cryptocurrency institutions.