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Canadian Arm of KPMG Adds Bitcoin and Ethereum to Its Treasury

By:
Aaryamann Shrivastava
Updated: Feb 8, 2022, 09:44 GMT+00:00

In order to provide further oversight and approve the treasury allocation, the company established a governance committee as well.

Canadian Arm of KPMG Adds Bitcoin and Ethereum to Its Treasury

As the market heads into recovery, newer participants are entering the crypto space to acquire digital assets and the latest in the mix is the Canadian arm of the English company KPMG. The company has just completed and announced the allocation of crypto assets to its treasury marking it as the first direct crypto investment by the firm.

Now Onto Crypto Assets

Apart from Bitcoin and Ethereum, the announcement also stated that the company has also allocated for carbon offsets to maintain net-zero carbon transactions. This is done  to keep in line with the company’s environmental, social, and governance commitments.

The Canadian Managing Partner, Advisory Services, KPMG in Canada, Benjie Thomas, added to the announcement,

“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”

This move by KPMG Canada was a calculated one as the company went through a rigorous risk assessment process that included an entire review of the regulatory, reputational as well as custodial risks. Stakeholders from Risk Management, Finance, Advisory, Tax, and Audit were appointed onto the governance committee for the same.

Adding to the same, Kareem Sadek, Advisory Partner, Cryptoassets and Blockchain Services co-leader, KPMG in Canada stated, 

“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”

The Right Time To Acquire?

It is indeed the right time to buy Bitcoin as well as Ethereum, given the rapid pace of recovery displayed by the top cryptocurrencies. In just the last 4 days, the king coin has managed to mark an almost 20% rally, with the altcoin king following with a 17.8% rise.

Both the assets are currently displaying optimistic signs of a continued upward trend for a while and this could in turn play in the acquirers’ favor.

Bitcoin has recovered by almost 20% in the last 4 days

About the Author

Holding a Mass Media Degree has enabled me to better understand the nitty-gritty of being a journalist and writing about cryptocurrencies’ news and price movements, effects of market developments, and the butterfly effect of individual assets nurtured me into a better investor as well.

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