Investment reflects belief that institutional adoption of crypto and blockchain will continue to grow
KPMG Canada is making its first-ever move into the crypto space, bringing bitcoin and Ethereum assets into its corporate treasury.
In a release Monday, the company added that it will also be investing in carbon offsets to adhere to its net-zero carbon transaction requirement with its environmental, social and governance (ESG) commitments. The firm has yet to specify how much in bitcoin and Ethereum it will be adding to its balance sheet.
“Crypto assets are a maturing asset class. Investors such as hedge funds and family offices to large insurers and pension funds are increasingly gaining exposure to crypto assets,” said Benjie Thomas, Canadian managing partner of advisory services at KPMG in Canada, in a press release. “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.”
The multinational accounting firm set up a governance committee to oversee the treasury allocation, taking into account issues such as regulatory, reputational and custodial risks in its assessment. The firm added that it has a strong outlook for crypto and its emerging technologies such as blockchain.
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“We’ve invested in a strong crypto assets practice and we will continue to enhance and build on our capabilities across decentralized finance, 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,” said Kareem Sadek, an advisory partner on the crypto assets team at KPMG Canada.
KPMG joins other financial juggernauts such as Visa and Mastercard, as well as big U.S. banks such as JPMorgan Chase in adopting crypto into their business strategy.
Source: Financial Post