Companies adding cryptocurrencies to their reserves have been a trending topic over the past few years and one of the largest financial services companies in Canada recently declared to add Bitcoin and Ethereum to its balance sheet.
KPMG in Canada is a limited liability partnership (LLP) with more than 8,000 employees in the country. The firm recently announced that it added Bitcoin (BTC) and Ethereum (ETH) to its public treasury. This is KPMG’s first crypto investment in Canada.
Benjie Thomas is the company’s managing partner and services advisor in Canada and called digital assets a “maturing asset class.”
“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 said.
KPMG purchased two of the top cryptocurrencies using Gemini Trust’s exchange services without revealing the amount. The Canadian accounting firm established a governance committee for risk assessment, taxes, accounting, and treasury allocation of digital currencies. KPMG crypto assets and blockchain services co-leader and advisory partner, Kareem Sadek, delivered a bullish outlook on cryptocurrencies and expects more financial firms to consider and invest in them as “the industry continues to grow.”
“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,” said Sadek.
Cryptocurrency allocation is a big move by KPMG in Canada which makes it one of the first public companies to join the crypto movement. Moreover, some of the big firms including MicroStrategy, Tesla, Square, Marathon Digital Holdings, and Voyager Digital have previously added bitcoin to their corporate treasuries.
The list is growing fast as the crypto market is finding its footing amid broad market losses over the past few months.