KPMG Canada Joins Pro-Crypto Corporate Train, Adds Bitcoin and Ethereum to Balance Sheet

New reports show that KPMG Canada has joined the growing list of companies to add Bitcoin and Ethereum to its corporate treasury, in what the company described as a “first-of-its-kind investment.” The behemoth auditing and accounting firm, revered as one of the Big Four accounting firms, noted:

“KPMG in Canada has completed an allocation of crypto assets to its corporate treasury, the firm’s first direct investment in crypto assets.”

KPMG also explained: “The allocation includes bitcoin (BTC) and ethereum (ETH), as well as carbon offsets to maintain a net-zero carbon transaction to deliver on the firm’s stated environmental, social and governance (ESG) commitments.”

The multinational company made the crypto acquisitions through Gemini Trust Company LLC’s execution and custody services.

KPMG Executives Speak in the Latest Acquisition

Commenting on the development, managing partner of Advisory Services at KPMG Canada, Benjie Thomas, noted: “Investors such as hedge funds and family offices to large insurers and pension funds are increasingly gaining exposure to crypto assets, and traditional financial services such as banks, financial advisors and brokerages are exploring offering products and services involving crypto-assets.” Thomas explained:

“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.”

Also, Cryptoassets and Blockchain Services co-leader at KPMG Canada, Kareem Sadek, detailed: “The crypto asset industry continues to grow and mature, and it needs to be considered by financial services and institutional investors.” Sadek continued:

“We’ve invested in a strong crypto assets 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. We expect to see a lot of growth in these areas in the years to come.”