KPMG, one of the big four global consulting firms, has announced that one of its Canadian subsidiaries has purchased an unspecified amount of Bitcoin and Ethereum to add to its portfolio assets.
KPMG has purchased Bitcoin and Ethereum
On the Twitter profile of KPMG’s Canadian subsidiary, a post appeared on Monday confirming the transaction.
We have just completed an allocation of cryptoassets to our corporate treasury, our firm’s first of its kind investment in the asset class. This includes Bitcoin and Ethereum tokens, and carbon offsets to maintain a net-zero carbon transaction: https://t.co/32hsKbnGuC
— KPMG Canada (@KPMG_Canada) February 7, 2022
Benjie Thomas, Canadian Managing Partner, Advisory Services at KPMG, commented on the news as follows:
“Cryptoassets are a maturing asset class. 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”.
The purchase was reportedly made using the Gemini Trust Company service.
The fact that this purchase took place in Canada could be linked to the fact that the country would have a more favourable regulatory framework than, for example, the United States towards digital assets.
KPMG in the cryptocurrency sector
But this investment is certainly not the consulting firm’s first “foray” into the world of cryptocurrencies. KPMG has long formed a section dedicated to cryptocurrencies and blockchain services in general.
Its US office is responsible for auditing software company MicroStrategy Incorporated, which holds the largest cryptocurrency position in the world.
Recently, KPMG Canada partner Kareem Sadek said the firm plans to strengthen its position in decentralized finance (DeFi), non-fungible tokens (NFTs) and metaverse.
“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”.
These are the words of Sadek, who has been leading KPMG’s Crypto Assets and Blockchain Services division for a few months.
Reaction from the crypto community
The news has clearly opened up a lot of discussion within the crypto community, and opinions are divided, although almost everyone seems to agree that an investment in digital assets by a large consulting firm, which is conservative by nature, is certainly great news for Bitcoin and the crypto world.
It is not excluded that other consulting firms may now follow KPMG’s example.
One of the Big 4 Accounting Firms (KPMG) adding bitcoin to its balance sheet is huge signal. I’d expect the others to follow suit (PwC, E&Y, Deloitte). The game theory almost makes it fait accompli.#bitcoin
— Neil Jacobs (@NeilJacobs) February 7, 2022
KPMG adding #Bitcoin and #Ethereum is bigger news than #Tesla adding #BTC , no matter the relative size of allocation.
KPMG is a BIG FOUR ACCOUNTING FIRM!! People go to them for advice on exactly this kind of stuff. Tax, accounting, consulting..
HUGE!
— Grant Melson – Bitcoin Saves the World (@grant_melson) February 7, 2022
Source: https://en.cryptonomist.ch/2022/02/09/kpmg-buys-bitcoin-and-ethereum/