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HomeNewsKPMG Canada Adds Bitcoin and Ethereum to Its Balance Sheet

KPMG Canada Adds Bitcoin and Ethereum to Its Balance Sheet

KPMG in Canada stated it delivered Bitcoin and Ethereum to its company treasury as a part of a dedication to rising technology and asset classes, turning into one of the maximum profile mainstream companies to spend money on cryptocurrencies. 

  • The Big Four accounting firm’s modern-day biannual “Pulse of Fintech” report unearths that funding in crypto and blockchain surged to $30 billion.
  • Last year’s total was reached across 1,332 deals, beating the previous record of 901 in 2018.
  • KPMG in Canada is bullish on crypto assets and could consider investments beyond BTC and ETH in the future, executive says
  • The firm is educating institutions about the metaverse, NFTs and Decentralized Autonomous Organizations (DAOs).

The Toronto-primarily based totally organization, which offers consulting, accounting, auditing and tax services, has delivered bitcoin and ether to its company treasury, the enterprise stated Monday.

KPMG International, a worldwide community of companies established withinside the Netherlands, suggested roughly $32 billion in sales for its 2021 financial year. Today’s crypto funding become made with the aid of using KPMG in Canada.

The allocation consists of Bitcoin (BTC) and Ethereum (ETH), in addition to carbon offsets to hold a net-0 carbon transaction to supply at the firm’s said environmental, social and governance (ESG) commitments.

“Cryptoassets are a maturing asset class,” says Benjie Thomas, Canadian Managing Partner, Advisory Services, KPMG in Canada. “Investors such as hedge funds and family offices to large insurers and pension funds are increasingly gaining exposure to cryptoassets, and traditional financial services such as banks, financial advisors and brokerages are exploring offering products and services involving cryptoassets. 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,” he added.

“The crypto asset industry continues to grow and mature and it needs to be considered by financial services and institutional investors,” says Kareem Sadek, Advisory Partner, Cryptoassets and Blockchain Services co-leader, KPMG in Canada.

“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,” he added.

KPMG in Canada received Bitcoin and Ethereum on its stability sheet thru Gemini Trust Company LLC’s execution and custody services.



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