KPMG and Cryptio Collaborate to Enhance Crypto Accounting Practices

KPMG, a leading accounting firm, has formed a strategic partnership with Cryptio, a crypto accounting software provider, to assist US-based crypto companies in complying with Generally Accepted Accounting Principles (GAAP). The alliance aims to implement controls in crypto firms for better management of their digital assets. Brian Consolvo, from KPMG, emphasized the significance of aligning digital asset accounting with US regulations. Through this collaboration, businesses can fulfill their accounting and reporting obligations using Cryptio's software. Antoine Scalia, CEO of Cryptio, views the partnership as crucial for the long-term growth of the crypto sector. KPMG's Kunal Bhasin noted that institutional investors are increasingly interested in crypto due to economic factors. A KPMG survey revealed a rise in institutional exposure to crypto assets, with many investors allocating a significant portion of their portfolios to digital assets. The market's maturity and improved custody solutions are driving the demand for crypto services.