KPMG Canada Acquires Bitcoin and Ethereum

One of the world’s biggest auditors, KPMG Canada, has added Bitcoin (BTC) and Ether (ETH) to its corporate treasury. The company now joins a growing list of prominent corporations that have converted a piece of their physical cash to digital assets. In addition, the purchase shows KPMG’s interest in digital assets.

One of KMPG’s managing partners, Benjie Thomas, remarked that this move shows that “cryptoassets are a maturing asset class.” He pointed out that cryptocurrencies have received considerable exposure to different layers of society. KPMG Canada plans to embrace these digital assets like family offices and pension funds.

In addition, several financial organizations, including banks, are in search of ways to offer digital assets. According to Thomas, “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.” Furthermore, KPMG Canada claimed it purchased carbon offsets as part of its environmental, social, and governance (ESG) responsibility. However, the accounting giant realizes that dabbling in crypto leaves carbon footprints behind.

KPMG to Deeply Explore Crypto Assets

The firm noted that it had established a governance committee to oversee its treasury policy. The committee includes representatives from several sectors within the firm. These include finance, risk management, and tax. Furthermore, the auditing firm revealed that it took extreme measures before adding digital assets to its portfolio. In addition, KPMG said it conducted a thorough risk assessment, which included assessing tax consequences.

KPMG first hinted at its crypto ambitions in 2020. However, this investment in Bitcoin and Ethereum marks its deep interest in the digital asset world. KPMG’s use of Gemini Trust Company LLC’s execution and custody services aided its Bitcoin and Ethereum acquisitions.

One of KPMG’s advisory partners, Kareem Sadek, said, “The crypto asset industry continues to grow and mature and it needs to be considered by financial services and institutional investors.”

Sadek said the auditing organization had developed a strong crypto assets practice. Furthermore, KPMG intends to expand its presence in other areas like DeFi, NFTs, and the metaverse. Sadek noted that the accounting firm expects “to see a lot of growth in these areas in the years to come.”

A Wider Crypto Adoption is in View

Over the last year, a number of prominent organizations have explored the cryptocurrency space to diversify their holdings. Several of these firms see crypto assets as a good hedge against inflation. Tesla, led by Elon Musk, is one firm that largely advocates for crypto assets. The crypto space could be set for another boom with this mainstream attention!

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