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Canada’s KPMG Adds Bitcoin To Its Treasury

KPMG Canada has added bitcoin to its corporate treasury. The assignment is a unique investment for the company. KPMG Canada is an independent member affiliated with KPMG International, one of the Big Four accounting firms. Canada’s KPMG has added bitcoin to its corporate treasury through the execution and custody services of Gemini Trust Company, a first for the Canadian member of KPMG International Limited, an Anglo-Dutch multinational professional services network and one of the Big Four accounting firms. “The investment illustrates the company’s vision for emerging technologies powered by blockchain,” the company said in a statement Monday. KPMG said it has set up a governance committee with stakeholders from finance, risk management, advisory, audit and tax to oversee and approve the bitcoin allocation, which also includes another cryptocurrency. The committee conducted a “rigorous risk assessment process”, including an assessment of the many different risks the assignment could pose. The tax and accounting implications were also assessed. “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,” Canadian managing partner of advisory services at KPMG in Canada, Benjie Thomas, said in a statement. “Investors such as hedge funds and family offices of major insurers and pension funds are increasingly exposed to cryptoassets, and traditional financial services such as banks, financial advisors and brokers are exploring offering products and services involving cryptoassets.” KPMG is a full-service audit, tax and consulting firm that has been owned and operated by Canadians for over 150 years. The company provides consulting, accounting, auditing and tax services in the country with more than 8,000 employees in more than 40 locations. KPMG has not disclosed the size of the allocation. “The cryptoasset industry continues to grow and mature and should be considered by financial services and institutional investors,” said Kareem Sadek, advisory partner, cryptoassets and blockchain services co-leader, KPMG in Canada.
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