KPMG Canada Adds BTC And ETH To Balance Sheet

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.