KPMG, an accounting company, has entered the cryptocurrency market. On February 7, 2021, the business stated in a press release that its Canada branch has bought Ethereum (ETHUSD) and Bitcoin (BTCUSD) for its corporate treasury. KPMG did not disclose the amount or data associated with their cryptocurrency investment. 1
“We believe that institutional adoption of cryptoassets and blockchain technology will continue to increase and become a regular component of the asset mix,” said Benjie Thomas, managing partner at KPMG’s Canada office.
The firm’s choice to acquire cryptocurrency in Canada may be tied to the country’s regulatory structure, which is more supportive of the asset class and associated goods than the regulatory system in the United States. 2
- Bitcoin and Ethereum have been bought by KPMG Canada for its corporate treasury.
- The investment, according to the corporation, indicates its confidence that institutional usage of cryptoassets will continue to expand.
- KPMG has been developing its crypto advising business, and it audits MicroStrategy, which has the largest cryptocurrency holdings of any publicly traded company.
An Expanding Crypto and Blockchain Business
KPMG has recently extended its operations to encompass new technology and financial areas. It already has a division devoted to cryptoassets and blockchain services. Its US branch is in charge of auditing software business MicroStrategy Incorporated (MSTR), which has the largest cryptocurrency holding among publicly traded firms.
“Having gone through this process ourselves, we’re sure we can help customers and potential clients through the process of cryptoasset treasury allocation,” the business said in a statement to Bloomberg. “Our investment enables us to share our path, experiences, and problems with them in order to assist them in navigating the cryptoasset world.” 3
KPMG established its own cryptoasset framework geared to assist customers in a November 2020 report. It is built on five pillars, which vary from evaluating customer needs to handling splits in their cryptoassets and assuring the security and safekeeping of their cryptocurrency. 4
“We’ve built a strong cryptoassets practice and will continue to improve and expand our skills in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), and the metaverse, to mention a few. We anticipate significant growth in these sectors in the next years “Kareem Sadek, co-head of KPMG’s Cryptoassets and Blockchain Services business, remarked 1
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