KPMG IN CANADA ADDS BITCOIN TO ITS TREASURY

The Canadian member of KPMG’s global independent firm network purchased bitcoin through Gemini for its corporate treasury.

Bitcoin has been added to KPMG Canada’s corporate treasury.

The allocation represents a one-of-a-kind investment for the company.

KPMG Canada is an independent member of KPMG International, which is one of the Big Four accounting firms.

KPMG Canada has added bitcoin to its corporate treasury via Gemini Trust Company’s execution and custody services, marking a first for the Canadian member of KPMG International Limited, a British-Dutch multinational professional services network and one of the Big Four accounting firms.

“The investment demonstrates the firm’s outlook on emerging technologies supported by blockchain,” the company said in a statement on Monday.

KPMG stated that it formed a governance committee composed of stakeholders from finance, risk management, advisory, audit, and tax to oversee and approve the bitcoin allocation, which also included one other cryptocurrency. The committee conducted a “rigorous risk assessment process,” which included a review of the numerous risks that the allocation could pose. The tax and accounting implications were also investigated.

“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,” said Benjie Thomas, Canadian managing partner of advisory services at KPMG in Canada. “From hedge funds and family offices to large insurers and pension funds, investors are increasingly becoming exposed to crypto assets, and traditional financial services such as banks, financial advisors, and brokerages are exploring offering products and services involving crypto assets.”

For over 150 years, KPMG has been a full-service audit, tax, and advisory firm owned and operated by Canadians. With over 8,000 employees in more than 40 locations, the company provides consulting, accounting, auditing, and tax services throughout the country. The size of the allocation was not disclosed by KPMG.

“The crypto asset industry continues to grow and mature, and it needs to be considered by financial services and institutional investors,” said Kareem Sadek, advisory partner and co-leader of crypto assets and blockchain services at KPMG in Canada.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

Leave a Comment

Your email address will not be published. Required fields are marked *

Facebook
Twitter
Telegram

Recent Posts

Follow Us