Canadian firm KPMG LLP announced the addition of bitcoin and ethereum to its corporate treasury. This represents the first time KPMG has purchased cryptocurrency and added it to its asset portfolio.
Benjie Thomas, one of the Canadian Managing Partners at KPMG stated,
"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,"
Prior to the purchase, KPMG took steps to establish a governance committee aimed at providing oversight and approval for the treasury allocation. It also took a thorough look at any tax implications the transaction might have.
"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
The investment represents the positive outlook KPMG has on developing technology, particularly related to blockchain. The firm has also mentioned that they will continue to look into the growth of the digital asset ecosystem and look to grow their capabilities within the industry.
The Canadian firm acquired the bitcoin and ethereum through the company behind the Gemini centralized exchange, Gemini Trust Company LLC.
KPMG LLP is a Canada-based full-service Audit, Tax, and Advisory firm. The firm has been in operation for over 150 years and provides consulting, accounting, auditing, and tax services to Canadians. The company currently employs close to 8,000 people across 40 locations in Canada. KPMG has been consistently ranked one of Canada’s top employers, and one of the best places to work in the country.