One of the ‘Big Four’ accounting firms, KPMG is the latest company to hop in on the crypto express. KPMG’s Canadian arm announced Monday that it has allocated cryptocurrencies Bitcoin and Ethereum to its corporate treasury, making it the accounting firm’s first direct investment in the burgeoning sector.
The firm availed the execution and custody services of Gemini Trust Company to process the transaction. In addition, KPMG Canada has also purchased carbon offset credits to compensate for the emissions and maintain a “net-zero carbon transaction”.
Per the announcement, KPMG Canada has set up a governance committee to administer and approve the treasury allocation. Meanwhile, the company is yet to disclose the sum of crypto assets added to its treasury.
With the latest move, the accounting firm indicated that its newfound interest in crypto assets will continue to grow in the future. Kareem Sadek, Advisory Partner of Crypto assets and Blockchain Services at KPMG in Canada, said in a statement:
“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.”
Business intelligence firm MicroStrategy was the first to hold crypto assets in its balance sheet, followed by several other industry participants, including Tesla, Galaxy Digital, Square, and Voyager Digital.