KPMG Canada acquired an undisclosed amount of BTC and ETH using the Gemini Trust’s services. One of the ‘big four’ accounting companies has refused to disclose the number of cryptocurrencies that were purchased and allocated to its corporate treasury.
According to their Twitter page, “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 Canadian Managing Partner, Advisory Services, KPMG in Canada, Benjie Thomas noted,
“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, and traditional financial services such as banks, financial advisors, and brokerages are exploring offering products and services involving crypto assets. 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 Canadian branch of KPMG has announced that it was using a governance committee to offer insight and approve any allocation in the treasury. Experts from different fields like tax, audit, advisory, risk management, and finance will be part of the committee.
Before the transaction was finalized, the accounting form ran an analysis on the accounting and tax implications.
According to Kareem Sadek, Advisory Partner, Crypto assets and Blockchain Services co-leader, KPMG in Canada,
“The crypto asset industry continues to grow and mature and it needs to be considered by financial services and institutional investors. 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, name a few. We expect to see a lot of growth in these areas in the years to come.”
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