KPMG Canada Makes First Direct Purchase Of Bitcoin And Ethereum

KPMG in Canada, the Canadian arm of KPMG International, one of the Big Four accounting firms, announced that it has allocated crypto assets to its balance sheet, marking the firm’s first direct investment in crypto assets. Assets deployed include Bitcoin (BTC), Ethereum (ETH), and carbon offsets to maintain net-zero carbon trading to deliver on the company's Environmental, Social and Governance (ESG) commitments.

The company made the investment through the execution and custody services of Gemini Trust Company.

Benjie Thomas, the managing partner at KPMG Canada, said the firm believes the adoption of institutional crypto assets and blockchain technology will continue to grow and become a regular part of assets.

As a next step, KPMG Canada seeks to engage institutions in the Web3 space, with a focus on the Metaverse, NFTs and Decentralized Autonomous Organizations (DAOs), according to Kareem Sadek, Consulting Partner and Co-Head of Crypto Assets and Blockchain Services at KPMG Canada.

As competitors, if the other three accounting firms (PwC, Deloitte, Ernst & Young) follow the same footsteps and eventually radiate to the global clients they serve, the influence of the crypto industry will be endless.

By Mary Liu

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