November 26, 2022

Breaking: KPMG Canada Announces They Hold BTC And ETH On Their Balance Sheet

2 min read

KPMG LLP has actually become the latest openly traded business to include cryptocurrencies to its balance sheet. The Canada-based branch of the multinational full-service audit, tax and advisory firm today revealed that it was now assigning assets to digital properties including Bitcoin and Ethereum.

The Canadian branch of KPMG adds Bitcoin and Ethereum to its balance sheet

In a first of its kind move in Canada, KPMG issued a press release today revealing that it had started making financial investments in Bitcoin and Ethereum. The firm specified that it believes cryptoassets will continue to see more institutional adoption, which is why it was taking the action.

Benjie Thomas, Canadian Managing Partner of KPMG’s advisory services said the company believes that crypto is a “developing asset class” that is currently in the plans of many other financial consultants, supervisors, and organizations. The investment in Bitcoin and Ethereum shows the KPMG’s belief in a future with broad adoption of crypto.

“This financial investment shows our belief that institutional adoption of cryptoassets and blockchain innovation will continue to grow and become a routine part of the property mix,” Thomas said.

The firm will also buy carbon offsets to keep net-zero carbon deals in keeping with its environmental, social and governance (ESG) commitments. A governance committee makes up members from different arms of KPMG to make decisions about treasury allowance to the financial investment. The press release also states that the firm acquired its Bitcoin and Ethereum through Gemini Trust Company LLC’s execution and custody services.

KPMG has strategies beyond Bitcoin and Ethereum

Beyond the 2 digital possessions it presently holds, KPMG Canada plans to expand its foray into the digital possessions area. Kareem Sadek, KPMG Canada advisory partner and co-leader at the firm’s crypto properties and blockchain services system, revealed that the accounting giant was also considering improving its abilities in DeFi, NFTs, and the metaverse.

“We’ve bought a strong cryptoassets practice and we will continue to boost and construct on our abilities throughout Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs) and the Metaverse, among others,” he stated.

The post Breaking: KPMG Canada Announces They Hold BTC And ETH On Their Balance Sheet appeared initially on CoinGape.