KPMG Canada has made its first direct investment in Bitcoin and Ethereum by allocating cryptocurrencies to its corporate treasury. We have compiled the details of the development for Kriptokoin.com readers.
KPMG Canada announces crypto investment
The company said in a statement during the day that the Toronto-based company, which provides consultancy, accounting, auditing and tax services, has added Bitcoin and Ethereum to its corporate treasury. KPMG International, a global network of companies headquartered in the Netherlands, reported revenue of approximately $32 billion for fiscal 2021. The most recent crypto investment was made in Canada by KPMG. Benjie Thomas, managing partner of KPMG Canada, made the following statements, emphasizing the development of cryptocurrencies:
Hedge funds, family offices, large insurers, and pension funds all turn to cryptocurrencies, while traditional financial services such as banks, financial advisors, and brokerage firms seek to provide crypto-related goods and services. This investment will continue to rise and become a regular element of portfolios in the years to come, as institutions adopt crypto and blockchain technology.
Since Michael Saylor’s MicroStrategy included Bitcoin on its balance sheet, hundreds of other firms have followed suit, noting that it is a growing segment for the industry. KPMG Canada used the execution and custody services of Gemini Trust Company to invest in cryptocurrencies. Before allowing the Treasury allocation, KPMG Canada formed a governance committee to review regulatory, reputational and custody risks. Meanwhile, no official statement has been made regarding the BTC and ETH purchased by the company. Kareem Sadek, blockchain leader at risk consultancy from KPMG Canada, says the firm has taken a “prudent” approach to the industry and has only considered buying Bitcoin and Ethereum so far.
About KPMG Canada
KPMG is a multinational accounting and auditing firm that provides three core business services: auditing, consulting and tax services. The KPMG name represents the company’s four core founding members and their respective member firms; Piet Klynveld, William Barclay Peat, James Marwick and Reinhard Goerdeler. Today’s company KPMG was founded in 1987 by the merger of Peat Marwik International and KMG (Klynveld Main Goerdeler). Currently headquartered in Amstelveen, the Netherlands, KPMG currently operates in 155 countries and employs approximately 227,000 people worldwide.
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