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KPMG Builds Crypto-Asset Management Tool for financial Companies, Fintechs

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KPMG Develops Crypto-Asset Management Tool for Crypto Asset Management Companies

In a bid to finally step into the cryptocurrency market, KPMG LLP on Monday announced it has launched KPMG Chain Fusion, a patent-pending suite of advanced analytics capabilities, built around cryptoasset data and technology products to allow financial services companies and fintechs offer cryptoasset services on an institutional scale.

The director and co-lead of the Big 4 auditor’s Cryptoasset Services, Sam Wyner, said his team has been working on the project for about a year and started building the actual suite of tools in February.

“It’s not unusual for a bank to have tens of systems … and crypto companies have a similar problem where for their blockchain-based systems, they’re fundamentally different, the infrastructure behind them is fundamentally different from what’s happening in traditional systems,” he said. “The same problem that happens is ‘how do you connect all your blockchain based systems to traditional ones, and do that in a way that the organization is trying to operate in?”

The tool would allow businesses in the crypto space to run broad-based analytics on data. This was tested by KMPG through multiple use case modules based on actual feedback from companies in the industry.

Wyner said it would ensure that data on a blockchain matches the information recorded on an entity’s books.

“If you know you control an address and you think you have one bitcoin on it and you look at the address on the public blockchain, do you have one bitcoin or are you running a fractional reserve?” he said.

Other challenges included finding ways of being able to pull data from databases, including blockchain information, and still be able to run queries.

“We developed it all in a way that we were able to incorporate different types of technology providers and market data and infrastructure providers,” Wyner said.

While Wyner wouldn’t admit the name KPMG and reputation will help companies become more comfortable stepping into cryptoasset management, he did say risk is not something new in the financial services industry. However, KPMG is more comfortable with process risk and control.

“At least in my career this is one of the first times I’ve really thought of something and carried it all the way to this point with the help of a lot of people on this team, it would never have been possible without the support of our team,” Wyner said. “It’s an exciting time, I’m excited to continue to speak about chain fusion with all of the companies.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Ethereum

Experts Predict Ethereum Price to Hit $19,842 by 2025

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Ethereum- Investorsking

Thirty-five experts have come together to predict the price of ethereum, the second-largest cryptocurrency after bitcoin. On average, they expect the price of ether to hit $19,842 by 2025. The majority of panelists say now is the time to buy ethereum while 28 percent say to hodl.

The “Finder Cryptocurrency Predictions 2021” which was updated Monday predicts that the price of ether will be nearly $20K by 2025 according to 35 experts on Finder’s cryptocurrency panel. The report says: “By 2025, the panel expects Ethereum to hit $19,842 on average.”

The ethereum price, after beginning the year at under $1,000 per ether token, has smashed through $4,000—climbing alongside bitcoin and most other major cryptocurrencies.

Now, an expert panel has predicted ethereum is set to soar to almost $20,000 by 2025, an increase of 400 percent from its current price, with “major upgrades” to the ethereum network potentially pushing it higher.

The highest forecast came from Bitbull Capital COO Sarah Bergstrand who believes that the price of ether would be $100,000 by 2025. “We are likely to see major upgrades to the Ethereum network this year, and those can be expected to push the price higher,” she explained.

One of the most bearish forecasts came from UNSW associate professor Elvira Sojli who predicted that ETH will end 2025 at just $1,850.

The report continues: “The majority of panelists (59 percent) say now is the time to buy ethereum, while 28 percent say ‘hodl’ and 13 percent say it’s time to sell.”

As for the price prediction for the year 2021, the report notes that the “Panellists predict that the price of Ethereum will hit $4,512 on average by the end of the year. That’s a 234% increase from December’s end-of-year prediction of $1,351.”

One of the highest forecasts came from YAP Global founder and CEO Samantha Yap who noted that the price of ether would be $10,000 at the end of this year, emphasizing that “once BTC is mass adopted, ETH will be next on people’s list.”

Paul Ennis, a lecturer and assistant professor at the University College of Dublin, arrived at the same forecast of $10K for ETH this year, “arguing ethereum is highly undervalued and has far more uses than bitcoin.”

LMAX Group’s cryptocurrency strategist, Joel Kruger, gave a more moderate forecast of $2,000. He is also convinced of “ethereum’s potential, viewing the currency as the major hub of innovation on the blockchain.” He described that “As crypto adoption continues, most of that innovation will therefore be hosted on Ethereum, which we expect will translate into a much higher valuation.”

The panelists include Bitriver CEO Igor Runets; Thomson Reuter’s technologist Joseph Raczynski; Okcoin COO Jason Lau; Etoro analyst and senior account manager Simon Peters; Consensys head economist Lex Sokolin; Coinmama CEO Sagi Bakshi; Unocoin CEO Sathvik Vishwanath; and Origin Protocol co-founder Josh Fraser.

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Bitcoin

Tesla Suspension Won’t Derail Bitcoin, It’s Still a Buy- Says Bloomberg’s McGlone

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Bitcoin

Elon Musk’s concern that bitcoin might be bad for the environment isn’t enough to derail the cryptocurrency’s potential for further price gains, said Bloomberg Intelligence commodity strategist Mike McGlone.

McGlone in a new report on Thursday wrote “Elon Musk saying Tesla is suspending purchases using bitcoin doesn’t shake our thesis that the crypto is in early price discovery days on its way to becoming the global digital reserve asset in a world of accelerating digitalization and electrification.”

The report follows a 13 percent drop in the price of bitcoin, the most in a single day in almost four months. The drop was prompted by Musk, Tesla’s CEO, saying late Wednesday the electric-car company was ending its bitcoin-for-cars offer made earlier in the year. That Feb. 8 announcement drove up bitcoin’s price so dramatically – by 19 percent – that it was lionized by some fans of the cryptocurrency as “Elon’s candle,” in a reference to the resulting pattern on price charts.

Now, bitcoin analysts are scrambling to adjust their price forecasts and respond to concerns about bitcoin’s energy needs contribute to fossil-fuel burning, making it a climate threat at a time when environmental, social and governance concerns are becoming more important to institutional investors.

McGlone is considered a hot hand in cryptocurrency markets because he accurately forecasts bitcoin’s price rise to $50,000 last year, at a time when it was trading at just a fraction of that level.

What matters the most, according to McGlone, is the source of the Bitcoin network’s energy.

“The source of electricity is increasing from solar and wind, which are cost effective,” according to the report. “On a global scale, electricity is going renewable.”

Musk’s remarks about the crypto’s electricity consumption are “odd” coming from an automaker whose product is “fed solely by electricity,” the analyst wrote.

McGlone wrote that bitcoin “shows comfort at the whole-number level around $50,000, which was our initial call on a 2021 target resistance value.”

“The rule of money flowing to where it’s treated best looks like an enduring tailwind for bitcoin,” he wrote.

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Cryptocurrency

Coinbase Take Steps To Add DOGE

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Dogecoin

Coinbase, known for being particularly choosy in the cryptocurrencies it allows to list, has decided to be a lot more inclusive, potentially bringing in a flood of new revenue as a result.

As part of the new policy, the leading U.S. exchange will be listing meme-based cryptocurrency dogecoin in the next six to eight weeks.

Coinbase sat on the sidelines this year as competing exchanges raked in untold millions of fees as trading in dogecoin, a cryptocurrency that was started as a joke, exploded in popularity.

Speaking on the company’s Q1 earnings call, CEO Brian Armstrong said Coinbase is also changing its process for listing coins to include digital assets that have just been minted. In the future, the company will start listing what are called “debut” coins or cryptocurrencies that have just been minted and are seeing their first day of trading volume.

Currently, the company evaluates cryptocurrencies based on the security of the digital asset and whether or not it could potentially be deemed a security. This is the first time the exchange’s executives have said they would list coins with no volume.

“We’re going to have to do this in the future–be the first to list a number of these coins,” CEO Brian Armstrong said.

Currently, there is a backlog of assets that the exchange needs to get to, and it’s working on accelerating its coin listing process, Armstrong added.

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