KPMG Canada Adds Bitcoin and Ethereum to Its Corporate Balance Sheet
Deeming crypto a “maturing asset class.”
The Canada branch of KPMG has added Bitcoin and Ethereum to its corporate treasury, marking the accounting giant’s first venture in cryptocurrency.
Announced on Monday, the allocation includes Bitcoin and Ethereum. It also consists of carbon offsets, which will help balance out the firm’s carbon footprint through net-zero carbon transactions.
The investment move highlights KPMG’s optimistic perspective on crypto and new blockchain technologies.
“Cryptoassets are a maturing asset class,” said Benjie Thomas, Canadian Managing Partner of Advisory Services at KPMG Canada. “Investors such as hedge funds and family offices to large insurers and pension funds are increasingly gaining exposure to cryptoassets, and traditional financial services such as banks, financial advisors and brokerages are exploring offering products and services involving cryptoassets.”
“This investment reflects our belief that institutional adoption of cryptoassets and blockchain technology will continue to grow and become a regular part of the asset mix,” he added.
The firm has created a committee to oversee the crypto and approve the treasury allocation, consisting of stakeholders from various departments such as risk management, finance and tax.
KPMG revealed that it plans to build on its involvement with NFTs, the metaverse and Decentralized Finance (DeFi) in the future.
In other tech news, the Department of Justice recovered $3.6 billion USD in Bitcoin stolen during the 2016 Bitfinex hack.
