KPMG Speaks Highly Of Crypto Custodians

KPMG says that crypto custodians have “tremendous” growth potential.

KPMG also says that the crypto ecosystem is evolving at an “incredible” rate.

According to The Block, Mike Krajecki (managing director for KPMG’s Emerging Technologies practice) stated,

“Cryptoassets are no longer an exotic instrument, bit player or side show. There is broad market acceptance that permissionless blockchains, native tokens and cryptoassets will enable robust new ecosystems of commerce and trade. Secure storage architectures can deliver speed and resiliency at scale to support requirements for high throughput in payments, high-frequency trading, and other retail applications.”

Rising crypto hacks are another reason that will propel the demand for custody solutions. At least $9.8 billion in crypto assets have been stolen by hackers since 2017, said the firm.

Sal Ternullo, co-leader of KPMG’s Cryptoasset Services said,

“Institutional investors especially will not take positions in cryptoassets if their value cannot be custodied and safeguarded in the same way traditional assets are."

This article is not intended to be financial advice. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Crypto Block does not provide investment, tax, legal, or accounting advice.

As always, do your due diligence before investing, and never invest more than you can afford to lose.

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