- The Canadian arm of accounting giant KPMG has invested some of its treasury funds in Bitcoin and Ethereum.
KPMG Canada, the Kanda branch of accounting giant KPMG, which is among the “Big Four”, the world’s four largest accounting firms, said in a press release that the two largest cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) added to its corporate balance sheet.
The company did not specify how much they invested in digital assets, but purchased carbon credits to address concerns about the environmental impact of its investment by helping to reduce greenhouse gas emissions.
We have just completed an allocation of cryptoassets to our corporate treasury, our firm’s first of its kind investment in the asset class. This includes Bitcoin and Ethereum tokens, and carbon offsets to maintain a net-zero carbon transaction: https://t.co/32hsKbnGuC
— KPMG Canada (@KPMG_Canada) February 7, 2022
Benjie Thomas, managing partner of KPMG Canada’s advisory services, described cryptocurrencies as a “maturing asset class” and noted that a growing number of institutional investors are starting to join the market. The company believes that institutional cryptocurrency adoption will continue to accelerate.
“This investment reflects our belief that institutional adoption of crypto assets and blockchain technology will continue to grow and be a regular part of the asset mix.”
Kareem Sadek, advisory partner and co-leader of crypto assets & blockchain services at KPMG Canada, said in a statement regarding this acquisition that the company plans to expand into other sectors in the crypto world:
“We have invested in a strong crypto-asset implementation and will continue to develop and expand 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 coming years.”
KPMG, an Anglo-Dutch multinational and one of the “big four” accounting firms that includes PricewaterhouseCoopers, Deloitte and Ernst & Young, reported a staggering $32.13 billion in global revenue in 2021.
The Canadian arm of the major accounting firm has followed big companies like MicroStrategy and Tesla that have invested in BTC to help develop Bitcoin’s institutional adoption narrative, making it the latest big company to add cryptocurrency to its balance sheet.
A software firm MicroStrategy started this trend in August 2020 when it bought $250 million worth of Bitcoin. He has since continued to buy Bitcoin and currently holds $5.5 billion in the largest digital asset, according to Bitcoin Treasures data. Other companies, such as payments company Square and electric car company Tesla, have done the same, and they now hold $355 million and $1.9 billion, respectively.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.