KPMG in Canada has added bitcoin and ether to its corporate treasury in what the company called a “first-of-its-kind investment.” KPMG said: “This investment reflects our belief that institutional adoption of crypto assets and blockchain technology will continue to grow and become a regular part of the asset mix.”
Bitcoin and Ether on Balance Sheet of KPMG in Canada
KPMG in Canada announced Monday the company’s “first-of-its-kind investment.” KPMG is one of the Big Four accounting firms. The announcement details:
KPMG in Canada has completed an allocation of crypto assets to its corporate treasury, the firm’s first direct investment in crypto assets.
“The allocation includes bitcoin (BTC) and ethereum (ETH), as well as carbon offsets to maintain a net-zero carbon transaction to deliver on the firm’s stated environmental, social and governance (ESG) commitments,” KPMG detailed.
The accounting firm acquired bitcoin and ether on its balance sheet through Gemini Trust Company LLC’s execution and custody services.
Benjie Thomas, managing partner of Advisory Services, KPMG in Canada, commented: “Investors such as hedge funds and family offices to large insurers and pension funds are increasingly gaining exposure to crypto assets, and traditional financial services such as banks, financial advisors and brokerages are exploring offering products and services involving crypto assets.” He opined:
This investment reflects our belief that institutional adoption of crypto assets and blockchain technology will continue to grow and become a regular part of the asset mix.
Kareem Sadek, Cryptoassets and Blockchain Services co-leader, KPMG in Canada, shared: “The crypto asset industry continues to grow and mature and it needs to be considered by financial services and institutional investors.” He continued:
We’ve invested in a strong crypto assets practice and we will continue to enhance and build on our capabilities across decentralized finance (defi), non-fungible tokens (NFTs) and the metaverse, to name a few. We expect to see a lot of growth in these areas in the years to come.
What do you think about KPMG adding bitcoin and ether to its corporate treasury? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.