- KPMG believes digital assets have a great potential.
- Institutionalizing cryptos is the way to in order to realize the massive potential of the market.
The recent report released one of the leading auditor firms in Netherlands, KPMG suggests that digital assets have a massive potential but they require institutionalization for them to realize this potential.
According to Cointelegraph, the report titled ‘Institutionalization of Cryptoassets,’ explores why institutional investors should be involved with the market. “Cryptoassets have potential. But for them to realize this potential, institutionalization is needed,” the report states. In addition to that:
“Institutionalization is the at-scale participation in the crypto market of banks, broker dealers, exchanges, payment providers, fintechs, and other entities in the global financial services ecosystem. We believe this is a necessary next step for crypto to create trust and scale.”
KPMG has been refraining from bashing digital assets and at the moment, the report says that cryptos are a “big deal” and one cannot failed to pay attention to them. The narrative in the report continues:
“[C]rypto continues to garner both good and bad press, and the debate between supporters and detractors is far from settled. In 2018, we are seeing a wave of new entrants in the market such as security token platforms, stablecoins, and even established financial services institutions that are launching crypto products and services. Cryptoassets are now impossible to ignore.”
The last few days have seen cryptocurrencies embark on a downward trend. The release of the report came at the time market volatility was rising amid the uncertainty brought by Bitcoin Cash hard fork.
More on Bitcoin Cash hard fork aftermath here.
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