KPMG in Canada adds BTC and ETH to its corporate treasury
Professional services firm KPMG in Canada is allocating bitcoin and ether (ETH) to its corporate treasury, according to an announcement on Monday.
“Crypto-assets are a maturing asset class”, Benjie Thomas, the firm’s Canadian managing partner for advisory services said in a report. “This investment reflects our belief that institutional adoption of crypto-assets and blockchain technology will continue to grow and become an integral part of the asset mix,” he said.
KPMG acquired Bitcoin and Ethereum on its balance sheet through Gemini, with the two companies exchanging a brief interaction on Twitter this morning.
The company is also adding carbon offsets to maintain a net zero carbon transaction to meet its ESG commitments, according to the release.
The company has established a governance committee with stakeholders from finance, risk management, consulting, audit and tax to provide oversight and approve cash allocation. The specialists also assessed the tax and accounting implications of the transaction.
That KPMG in Canada is moving in this direction is perhaps unsurprising, given its following consulting services related to cryptography.
“The crypto-asset industry continues to grow and mature and should be considered by financial services and institutional investors,” said Karim Sadek, KPMG in Canada, co-leader in crypto-assets and blockchain services. “We have invested in a strong crypto-asset practice and will continue to improve and grow our capabilities in 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 coming years.