Major Audit Company Says Crypto Thefts Hinders Industry's Growth
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3 March
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One of the largest professional service networks in the world and one of the top four audit companies KPMG International Cooperative (KPMG) has explained why institutional investors have not yet come to the industry, Bloomberg reports.

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According to KPMG, hackers have stolen approximately $9.8 billion in cryptocurrency since 2017 due to security or code issues. Experts classified the low-security issue as a determining factor that prevents institutional investors from entering the cryptocurrency industry.

"Institutional investors especially will not risk owning crypto assets if their value cannot be safeguarded in the same way their cash, stocks and bonds are," said Sal Ternullo, co-leader of KPMG's crypto-asset services.

However, KPMG's expert claims as crypto-assets proliferate, custodians have a tremendous opportunity to profit — both by earning management fees for delivering straightforward custodian services and also by offering adjacent services only possible in the emerging crypto ecosystem.

The company's experts are confident: the industry needs to strive to improve the standards for storing the assets of its customers.

Scammers Stole $4.3B in Crypto in 2019

Previously iHodl reported that the other large audit firm PricewaterhouseCoopers announced it hired the team behind Swiss smart contracts auditing startup ChainSecurity to add smart contracts auditing to its existing services.

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