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KPMG Makes First Direct Crypto Investment in Canada, Adding Ether to Corporate Treasury

In a “first-of-its-kind investment,” KPMG in Canada has added bitcoin and ether to its corporate treasury. “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,” according to KPMG.

Bitcoin and Ether on KPMG’s Canadian Balance Sheet

KPMG Canada announced a “first-of-its-kind investment” on Monday. One of the Big Four accounting firms is KPMG. Details of the announcement:
KPMG in Canada has finished allocating crypto assets to its corporate treasury, marking 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 in order to meet the firm’s stated environmental, social, and governance (ESG) commitments,” KPMG explained.

Gemini Trust Company LLC’s execution and custody services enabled the accounting firm to record bitcoin and ether on its balance sheet.”Investors such as hedge funds and family offices to large insurers and pension funds are increasingly gaining exposure to crypto assets,” said Benjie Thomas, managing partner of Advisory Services at KPMG in Canada. “Traditional financial services such as banks, financial advisors, and brokerages are exploring offering products and services involving crypto assets.” He believes that institutional adoption of crypto assets and blockchain technology will continue to grow and become a regular part of the asset mix.

“The crypto asset industry continues to grow and mature, and it needs to be considered by financial services and institutional investors,” said Kareem Sadek, co-leader of Crypto Assets and Blockchain Services at KPMG in Canada. He went on to say, “We’ve invested in a strong crypto assets practise, and we will continue to enhance and build on our capabilities in decentralised finance (defi), non-fungible tokens (NFTs), and the metaverse, to name a few.” We anticipate significant growth in these areas in the coming years.

 

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

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