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Canada’s accounting giant KPMG adds Bitcoin to its corporate treasury

Canada's accounting giant KPMG adds Bitcoin to its corporate treasury

Canadian giant accounting firm KPMG is the latest traditional company to make arrays into the cryptocurrency sector by adding Bitcoin and Ethereum to its corporate treasury. 

In a press statement, KPMG stated that it acquired the assets through the Gemini cryptocurrency exchange execution and custody services.  

The incorporation marks the 150-year-old company’s first direct investment in digital currencies, with allocation also entailing carbon offsets as part of maintaining a net-zero carbon transaction in line with the firm’s environmental, social, and governance (ESG) obligations. 

According to the accounting giant, the venture into crypto assets aligns with the belief that digital currencies will keep growing. 

“Cryptoassets are a maturing asset class. <…> This investment reflects our belief that institutional adoption of crypto assets and blockchain technology will continue to grow and become a regular part of the asset mix,” said Canada KPMG Managing Partner Benjie Thomas. 

The crypto investment followed a recommendation from KPMG’s governance committee that was tasked to offer oversight regarding the venture. 

The committee also focused on the tax and accounting implication of adding cryptocurrencies to the company’s corporate treasury. 

On future investments, KPMG which has almost 8,000 employees in over 40 locations within Canada pointed out that it expects to focus on other crypto fields like Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and the metaverse. 

General increase in crypto investments 

The investments come after KPMG released a report indicating that Investments in blockchain and cryptocurrency in 2021 exceeded the total for the three previous years combined. 

According to the company’s biannual Pulse of Fintech report, investment in crypto and blockchain surged to $30 billion in 2021. In 2018 the figure stood at $8.2 billion, with 2019 recording a figure of $5.6 billion and $5.5 billion in 2020.

The company noted a growing interest in the broad spectrum of blockchain opportunities.  

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