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KPMG Canada adds BTC and ETH to its balance sheet

The Canadian subsidiary of KPMG – one of the “Big Four” international accounting firms – has just confirmed the addition of Bitcoin and Ethereum to its corporate treasury. The purchase would “reflect the company’s commitment to emerging technologies and asset classes”. According to a Newswire press release, KPMG has included carbon offsets in addition to the purchase to keep emissions from the relevant purchases net zero. Bitcoin and Ethereum are often criticized for their energy footprints because of their Proof-of-Work consensus mechanism, but are quickly becoming less carbon-intensive networks. The crypto assets were obtained through Gemini’s execution and custody services – a cryptocurrency exchange owned by Winklevoss. This marks the company’s first-ever cryptocurrency allocations. However, it has been involved in the industry in other ways for years, such as providing tools to help institutional clients deliver crypto asset services. KPMG was also responsible for a 2019 study showing a huge interest in Gen Z cryptocurrency. Benjie Thomas – Canadian Managing Partner at KPMG – referred to crypto as a “maturing asset class” and believes it will be widely recognized in the future like any other traditional asset. “Investors such as hedge funds and family offices of major insurers and pension funds are increasingly exposed to crypto assets,” he added, “and traditional financial services such as banks, financial advisors and brokers are exploring offering products and services using crypto. . assets.” Tesla and MicroStrategy are prime examples, which have added billions of dollars in Bitcoin to their corporate treasuries. El Salvador is the first known nation-state to take and continues to take similar action. SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and get $100 Free and 10% Off Fees on Binance Futures First Month (Terms and Conditions). PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to get 25% off trading fees.
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