KPMG Canada adds Bitcoin and Ethereum to its balance sheet as crypto markets continue to rise. They are one of the big-4 accounting companies, and this investment marks an essential milestone for crypto. This is because apart from Tesla and Microstrategy, KPMG is one of the biggest companies to invest in Bitcoin and Ethereum. The company called this investment a first of a kind. It also added that this shows their belief in blockchain and the increasing adoption and growth of crypto assets.
KPMG Canada adds Bitcoin and Ethereum to the balance sheet
This investment in Bitcoin and Ethereum is KPMG’s first direct crypto investment. And it is clear that they know what they are getting into. Their goal with this is to stay with the trend of the blockchain world and not miss out on growth opportunities. KPMG has also kept in mind that investing in crypto has a carbon footprint. Hence, their investment also includes carbon offsets to maintain the firm’s ESG (Environmental, social, and governance) commitments.
To make the investment KPMG has used the Gemini Trust platform that offers investment and custody services. It has not been shared how they are storing the assets though it is likely to be in cold wallet.
The company’s managing partner of Advisory services commented on the investment, saying that almost all investors like hedge funds, family offices, insurance companies, and even pension funds are getting invested in crypto. In fact, traditional financial services like banks and advisors are also offering crypto-related products.
Crypto needs recognition
The company’s crypto assets and blockchain services co-leader, Kareen Sadek says that with the growing crypto market it needs to be recognized by financial services and investors. KPMG also said that while they have invested in BTC and ETH now they will continue to work and build their capabilities around DeFi, NFTs, Metaverse, and more.
Considering that such a large accounting company has invested in Bitcoin and is talking about it, shows that crypto is getting the recognition it needs.
What are your thoughts as KPMG Canada adds Bitcoin and Ethereum? And do you think that the other 3 companies in the big-4 will follow in these footsteps? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.