{"id":1603997,"date":"2022-02-07T14:32:44","date_gmt":"2022-02-07T19:32:44","guid":{"rendered":"https:\/\/coingape.com\/?p=99681"},"modified":"2022-02-07T14:32:44","modified_gmt":"2022-02-07T19:32:44","slug":"breaking-kpmg-canada-announces-they-hold-btc-and-eth-on-their-balance-sheet","status":"publish","type":"station","link":"https:\/\/platodata.io\/plato-data\/breaking-kpmg-canada-announces-they-hold-btc-and-eth-on-their-balance-sheet\/","title":{"rendered":"Breaking: KPMG Canada Announces They Hold BTC And ETH On Their Balance Sheet"},"content":{"rendered":"\n
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KPMG LLP has become the latest publicly traded company to add cryptocurrencies to its balance sheet. The Canada-based branch of the multinational full-service audit, tax and advisory firm today announced that it was now allocating assets to digital assets including Bitcoin and Ethereum.<\/p>\n

The Canadian branch of KPMG adds Bitcoin and Ethereum to its balance sheet<\/h3>\n

In a first of its kind move in Canada, KPMG issued a press release today announcing<\/a> that it had begun making investments in Bitcoin and Ethereum. The firm stated that it believes cryptoassets will continue to see more institutional adoption, which is why it was taking the step.<\/p>\n

Benjie Thomas, Canadian Managing Partner of KPMG\u2019s advisory services said the firm believes that crypto is a \u201cmaturing asset class\u201d that is already in the plans of many other financial advisors, managers, and institutions. The investment in Bitcoin and Ethereum reflects the KPMG\u2019s belief in a future with broad adoption of crypto.<\/p>\n

\u201cThis 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,\u201d Thomas said.<\/p>\n

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The firm will also buy carbon offsets to maintain net-zero carbon transactions in keeping with its environmental, social and governance (ESG) commitments. A governance committee comprises members from different arms of KPMG to make decisions about treasury allocation to the investment. The press release also states that the firm acquired its Bitcoin and Ethereum through Gemini Trust Company LLC\u2019s execution and custody services.<\/p>\n

KPMG has plans beyond Bitcoin and Ethereum<\/h3>\n

Beyond the two digital assets it currently holds, KPMG Canada intends to broaden its foray into the digital assets space. Kareem Sadek, KPMG Canada advisory partner and co-leader at the firm\u2019s crypto assets and blockchain services unit, revealed that the accounting giant was also considering enhancing its capabilities in DeFi, NFTs, and the metaverse.<\/p>\n

\u201cWe\u2019ve 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,\u201d he said.<\/p>\n

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