KPMG, one of the biggest accounting company in the world, teamed up with Cryptio to help US crypto firms comply with GAAP standards, supporting their accounting and reporting processes.
The cavalry is here!
KPMG, one of the Big Four accounting firms formed a strategic partnership with Cryptio, a crypto accounting software provider, and their alliance aims to help cryptocurrency firms in the United States comply to Generally Accepted Accounting Principles, the GAAP.
The announcement highlights that the collaboration’s main goal is to ensuring accurate accounting for their clients’ crypto assets.
The numbers should be accurate
Brian Consolvo, a principal of technology risk at KPMG, shared the need to streamline digital asset accounting practices and meet regulatory requirements in the US.
He stated that KPMG understands the importance of robust accounting and reporting practices, the risks associated with digital assets, and the necessity of having strong internal controls.
Luckily, this new partnership allows crypto-related businesses and institutions to fulfill their GAAP accounting and reporting obligations using Cryptio’s own software.
Antoine Scalia, the Founder and CEO of Cryptio believes working together with KPMG will support the long-term sustainability of the crypto industry.
He explained that their collaboration hopefully sets the standard for regulated institutions adopting digital assets.
Institutional interest for crypto services
Kunal Bhasin, a partner and leader at KPMG Canada’s Digital Assets practice, mentioned that institutional investors are increasingly drawn to crypto due to rising debt and inflation.
A relatively new KPMG survey showed that nearly 40% of institutional investors already had direct or indirect exposure to crypto assets in 2023, an increase from 31% in 2021.
The survey included 65 respondents, with 31 identified as institutional investors, most managing over $500 million in assets, and 34 as financial services organizations.
The survey also found that one-third of these institutional investors have allocated 10% or more of their portfolios to crypto assets, up from a fifth two years ago.
The industry experts think the maturing market and improved custody infrastructure are key reasons behind the growing interest, and growing demand for crypto asset services.
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