The strategic alliance will help the digital asset industry meet US GAAP accounting and reporting obligations
New York, New York--(Newsfile Corp. - July 18, 2024) - KPMG LLP, the U.S. audit, tax and advisory firm, is collaborating with Cryptio, a leading crypto accounting software platform, to help companies establish controls to better account for crypto assets.
Obtaining accurate and comprehensive on-chain data for financial reporting purposes is critical to meeting financial reporting standards as best practices for crypto accounting and auditing, particularly in the United States, continue to evolve.
Recognizing these challenges, the new strategic alliance between KPMG and Cryptio aims to empower enterprises and institutions to better navigate the complexities of the digital asset landscape. Cryptio's state-of-the-art technology enables companies to maintain complete and auditable data, while KPMG brings deep industry knowledge to help businesses navigate financial landscapes, enhance internal controls, and meet financial reporting standards.
"Our collaboration with Cryptio marks a significant milestone for financial institutions and enterprises embracing the opportunities and challenges of the digital asset space," said Brian Consolvo, Principal Technology Risk, KPMG. "We understand the importance of robust accounting and reporting practices, the risks with digital assets, and the need to have strong internal controls. Through this collaboration, we are able to bring a comprehensive solution to our clients that enables them to streamline their digital asset accounting practices and meet their regulatory obligations."
Enterprises and institutions entering or already present in the digital asset space can now leverage a comprehensive solution that combines a crypto data layer and tech stack with specialized expertise and regulatory guidance. Both KPMG and Cryptio are committed to supporting the growth and sustainability of the digital asset ecosystem, providing the necessary tools and expertise to navigate the evolving regulatory landscape.
"Our alliance with KPMG empowers enterprises and institutions to navigate the complexities of regulatory reporting requirements, audits, and accounting processes with confidence. Together, we are setting the standard for regulated institutions who are adopting digital assets," said Antoine Scalia, Founder and CEO of Cryptio. "This alliance paves the way for a more mature and secure crypto industry, fostering trust and long-term sustainability."
About Cryptio
Cryptio is the leading enterprise-grade accounting, tax, financial reporting, and audit preparation solution. It is a complete back-office platform that delivers financial integrity and accountability for businesses in crypto. Its platform allows companies to transform on-chain crypto activity (including DeFi & NFTs) into auditable records for accounting, reporting, treasury, and tax filings.
About KPMG LLP
KPMG LLP is the U.S. firm of the KPMG global organization of independent professional services firms providing audit, tax and advisory services. The KPMG global organization operates in 143 countries and territories and has more than 273,000 people working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.
KPMG is widely recognized for being a great place to work and build a career. Our people share a sense of purpose in the work we do, and a strong commitment to community service, inclusion and diversity and eradicating childhood illiteracy. Learn more at www.kpmg.com/us.
Media Contact:
Elizabeth Lynch
ElizabethLynch@kpmg.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/216835
