KPMG LLP has become the latest publicly traded company to add cryptocurrencies to its balance sheet. The Canada-based branch of the multinational full-service audit, tax and advisory firm today announced that it was now allocating assets to digital assets 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 announcing that it had begun making investments in Bitcoin and Ethereum. The firm stated that it believes cryptoassets will continue to see more institutional adoption, which is why it was taking the step.
Benjie Thomas, Canadian Managing Partner of KPMG’s advisory services said the firm believes that crypto is a “maturing asset class” that is already in the plans of many other financial advisors, managers, and institutions. The investment in Bitcoin and Ethereum reflects the KPMG’s belief in a future with broad adoption of crypto.
“This investment reflects our belief that institutional adoption of cryptoassets and blockchain technology will continue to grow and become a regular part of the asset mix,” Thomas said.
The firm will also buy carbon offsets to maintain net-zero carbon transactions in keeping with its environmental, social and governance (ESG) commitments. A governance committee comprises members from different arms of KPMG to make decisions about treasury allocation to the 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 plans beyond Bitcoin and Ethereum
Beyond the two digital assets it currently holds, KPMG Canada intends to broaden its foray into the digital assets space. Kareem Sadek, KPMG Canada advisory partner and co-leader at the firm’s crypto assets and blockchain services unit, revealed that the accounting giant was also considering enhancing its capabilities in DeFi, NFTs, and the metaverse.
“We’ve invested in a strong cryptoassets practice and we will continue to enhance and build on our capabilities across Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs) and the Metaverse, to name a few,” he said.