KPMG, a global accountancy firm headquartered in Canada, has added Bitcoin to its corporate treasury
KPMG, a multinational accounting firm headquartered in Canada, is the latest conventional enterprise to enter the cryptocurrency space by adding Bitcoin and Ethereum to its corporate treasury.
According to a news release, KPMG obtained the assets through the Gemini bitcoin exchange’s execution and custody services.
The incorporation is the 150-year-old company’s first direct investment in digital currencies, with the allocation also involving carbon offsets as part of the firm’s commitment to maintaining a net-zero carbon transaction in accordance with its environmental, social, and governance (ESG) obligations.
According to the accounting behemoth, the push into crypto assets is motivated by a conviction in the further growth of digital currencies.
“Cryptoassets are a maturing asset class….> This investment underlines our confidence that institutional adoption of crypto assets and blockchain technology will continue to expand and become a standard component of the asset mix,” stated Benjie Thomas, Managing Partner of KPMG Canada.
The crypto investment was made in response to a suggestion by KPMG’s governance committee, which was responsible with overseeing the initiative.
Additionally, the committee considered the tax and accounting implications of include cryptocurrencies in the corporate treasury.
Regarding future investments, KPMG, which employs almost 8,000 people across more than 40 sites in Canada, said that it plans to concentrate on additional crypto disciplines like as Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and the metaverse.
Increase in overall crypto investment
The investments follow a projection by KPMG showing that investments in blockchain and cryptocurrencies would surpass the sum for the preceding three years combined in 2021.
According to the company’s biennial Pulse of Fintech study, investment in cryptocurrencies and blockchain technology is expected to reach $30 billion by 2021. The number was $8.2 billion in 2018, $5.6 billion in 2019, and $5.5 billion in 2020. The business saw an increase in interest in a wide range of blockchain-related prospects.