KPMG Canada Adds Bitcoin and Ethereum to Corporate Treasury

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  • KPMG Canda has added BTC and ETH to its balance sheet
  • The company cited the growing maturity of cryptoassets as its reason for buying in now
  • KPMG Canada is also looking into the DeFi, metaverse, and NFT sectors

KPMG Canada, the Canadian branch of one of the world’s biggest accounting firms, announced yesterday that it has added BTC and ETH to its corporate balance sheet, citing the fact that cryptoassets are a “maturing asset class”. KPMG Canada did not disclose how much of the two cryptocurrencies it bought, but a spokesman for the company said that it was also looking into the DeFi, metaverse, and NFT worlds.

KPMG Canada Buys the Dip

Good news has been in short supply for Bitcoin bulls in recent months as the price has fallen, but yesterday saw a potential reversal in narrative as KPMG Canada announced that it had bought the dip.

Benjie Thomas, Canadian Managing Partner, Advisory Services for KPMG Canada noted how cryptoassets are becoming a more mainstream investment vehicle and this growth has prompted the company to act:

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.

DeFi, Metaverse, and NFTs Could be Next

KPMG Canada may also be interested in expanding its cryptoasset portfolio in the future, with Kareem Sadek, Advisory Partner, Cryptoassets and Blockchain Services co-leader, suggesting that it is looking at other areas of the crypto world:

We’ve invested in a strong cryptoassets practice and we will continue to enhance and build on 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 years to come.

For those worried about the environmental concerns overs KPMG’s purchase, the company said that it has bought “carbon offsets” to maintain its ESG obligations.