Canadian accounting firm has added bitcoin and ether to its funds in what the firm calls a “-of-its-kind investment.” “This investment reflects our belief that institutional adoption of cryptoassets and blockchain technology will continue to grow and become a regular part of asset portfolios,” KPMG said.

Bitcoin and Ethereum on KPMG Canada Balance Sheet

Canada’s KPMG announced the company’s “-time investment” on Monday. KPMG is one of the Four accounting firms. Announcement details:

Canadian accounting firm KPMG has completed the allocation of assets to its corporate treasury arm, the firm’s direct investment in crypto assets.

“The allocation includes Bitcoin (BTC) and Ethereum (ETH), as well as carbon offsets to maintain net-zero carbon trading in order to deliver on the company’s environmental, social and governance (ESG) commitments,” KPMG detailed.

The accounting firm acquired bitcoin and ether on its balance sheet through the execution and custody services of Gemini Trust Company LLC.

Benjie Thomas, Managing Partner of KPMG Canada Advisory Services, commented: “Investors such as hedge funds, family offices, large insurance companies and pension funds are increasingly exposed to cryptoassets, as well as traditional financial services such as banks, financial advisors and brokerages. The provision of products and services involving crypto-assets is being explored.” He opined:

This investment reflects our belief that institutional adoption of cryptoassets and blockchain technology will continue to grow and become a regular part of asset portfolios.

Kareem Sadek, Co-Head of Crypto Assets and Blockchain Services at KPMG Canada, shared: “The crypto asset industry continues to grow and mature, and financial services and institutional investors need to consider it.” He continued:

We have invested in a strong crypto asset practice and we will continue to enhance and develop our capabilities in Decentralized Finance (), Non-Fungible Tokens (NFT) and . We expect significant growth in these areas over the next few years.

What do you think of KPMG Bitcoin and Ethereum to its corporate arsenal? Let us know in the comments section below.

Kevin Helms

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As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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