The Canadian arm of Big Four auditing firm KPMG is adding the two largest crypto assets to its balance sheet.
KPMG in Canada says that allocating Bitcoin (BTC) and Ethereum (ETH) to its corporate treasury is the auditing firm’s “first of its kind” investment in cryptocurrencies.
“We have just completed an allocation of crypto assets to our corporate treasury, our firm’s first of its kind investment in the asset class. This includes Bitcoin and Ethereum tokens, and carbon offsets to maintain a net-zero carbon transaction.”
The auditing firm says it acquired Bitcoin and Ethereum through the parent company of the Gemini cryptocurrency exchange.
According to KPMG in Canada’s managing partner for advisory services, crypto assets are a “maturing asset class” which will increasingly be adopted by institutions.
“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.”
KPMG in Canada, which already runs a crypto asset and enterprise blockchain services practice, is bullish on the wider cryptocurrency space as well.
The firm’s crypto assets and blockchain services co-leader, Kareem Sadek, says that KPMG in Canada expects to see a “lot of growth” in decentralized finance (DeFi) and other nascent crypto sectors.
“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.”
Some of the services that the auditing firm’s crypto-focused practice offers include crypto education workshops, compliance reviews, crypto asset attestations and financial auditing for crypto-owning organizations.
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