Canadian KPMG Adds Bitcoin and Ethereum to Its Balance Sheet
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Answer Canadian KPMG Adds Bitcoin and Ethereum to Its Balance Sheet
The Canadian company KPMG, which is a subsidiary of KPMG International – one of the largest international accounting firms and is one of the Big Four – confirmed the addition of Bitcoin and Ethereum to the company’s treasury and balance sheet.
The statement and the new announcement from the company stated:
The purchase reflects the company’s commitment to emerging technologies and asset classes.
KPMG has included carbon offsets along with the purchase, in order to maintain net zero emissions on its related purchases.
Bitcoin and Ethereum are often criticized for their carbon footprint and voracious energy consumption due to their consensus mechanism (proof-of-work mining), but over time they shift to less carbon-intensive networks.
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KPMG acquired the cryptocurrency through the execution and custody services of Gemini, a crypto exchange owned by the Winklevoss brothers.
This marks the company’s first ever cryptocurrency allocation.
However, KPMG has been involved in the industry in other ways for years, such as providing tools to help institutional clients offer cryptocurrency services.
KPMG was also responsible for the 2019 study, which shows great interest in Generation Z cryptocurrency.
Benji Thomas, the Canadian managing partner of KPMG, described the crypto market as a mature asset class, and believes it will be as widely recognized as any other traditional asset in the future.
Investors such as hedge funds, family offices of large insurance companies and pension funds are gaining increasing exposure to crypto assets, and traditional financial services such as banks, financial advisors and brokerages are exploring offering products and services that include cryptocurrency as an investment asset class.
Tesla and Microstrategy are leading examples, adding billions of dollars in bitcoin to their companies’ Treasuries.
El Salvador is the first known nation-state to take similar measures and add bitcoin to its treasury, and it continues to do so.
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