KPMG Canada has forged a strategic alliance with blockchain analytics powerhouse Chainalysis in an effort to bolster security and oversight across the expansive cryptocurrency landscape. This timely partnership comes as digital asset crimes reached an all-time high of $20.6 billion globally last year, underscoring the need for robust safeguards and compliance in the face of sophisticated threats from hackers, fraudsters, and money launderers.
By integrating Chainalysis’s industry-leading risk management platforms and investigative crypto forensics, KPMG Canada aims to significantly enhance its capabilities to detect, prevent, and respond to illegal activities involving digital currencies and blockchain transactions. The collaboration will strengthen KPMG’s existing forensic services and anti-money laundering controls focused on crypto assets, providing clients with an added layer of protection.
Both companies highlighted the immense potential of fusing KPMG Canada’s extensive experience tackling complex financial crimes with Chainalysis’s unparalleled data-driven insights into cryptocurrency transactions and entity risk profiles. Together, they can offer fortified defenses against the latest threats in this arena, from hot wallet breaches to SIM swap attacks targeting crypto holders.
Moreover, this alliance cements KPMG Canada’s commitment to expanding its presence across the emerging digital asset landscape, building on moves like investing in metaverse initiatives, adding major cryptocurrencies to its corporate balance sheet as well and purchasing sought-after non-fungible token (NFT) artworks. With crypto adoption accelerating, ensuring integrity and trust will be paramount. This partnership represents a key step towards securing the future of Web3 finance.
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