The Canadian subsidiary of KPMG – one of the “Big Four” international accounting firms – has just confirmed the addition of Bitcoin and Ethereum to its corporate treasury. The purchase is said to “reflect the firm’s commitment to emerging technologies and asset classes”.
- According to a press release from Newswire, KPMG included carbon offsets alongside the purchase, in order to maintain net-zero emissions on the relevant purchases. Bitcoin and Ethereum are often criticized for their energy footprint due to their Proof-of-Work consensus mechanism but are rapidly becoming less carbon-intensive networks.
- The crypto assets were acquired through Gemini’s execution and custody services – a Winklevoss-owned cryptocurrency exchange.
- This marks the company’s first-ever cryptocurrency allocations. However, it’s been involved with the industry in other ways for years, such as providing tools to help institutional clients provide crypto-asset services.
- KPMG was also responsible for a 2019 study showing massive interest in cryptocurrency from Gen Z.
- Benjie Thomas – Canadian Managing Partner at KPMG – called crypto a “maturing asset class,” and believes it will be widely recognized like any other traditional asset in the future.
“Investors such as hedge funds and family offices to large insurers and pension funds are increasingly gaining exposure to crypto-assets,” he added, “and traditional financial services such as banks, financial advisors, and brokerages are exploring offering products and services involving crypto-assets.”
- Tesla and MicroStrategy are premier examples, having added billions of dollars in Bitcoin to their corporate treasuries. El Salvador is the first known nation-state to take similar action and continues to do so.