KPMG Adds Bitcoin, Ethereum to Corporate Treasury

KPMG, a British-Dutch multinational professional services network and one of the Big Four accounting organizations, has added cryptoassets to its corporate treasury. The organisation’s first direct investment in cryptoassets.

The company disclosed in a statement released on Monday. It said KPMG in Canada has completed an allocation of cryptoassets to its corporate treasury.

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.

“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 investment illustrates the firm’s outlook on emerging technologies underpinned by blockchain.

“The cryptoasset 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 cryptoassets 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 acquired Bitcoin and Ethereum on its balance sheet through Gemini Trust Company LLC’s execution and custody services.