Thursday, September 29, 2022

KPMG Canada Invests in BTC and ETH to Expand its Corporate Bank

Klynveld Peat Marwick Goerdeler (KPMG), one of the big four auditing firms that offer accounting and financial services has announced its investment in Bitcoin (BTC) and Ethereum (ETH), according to a press release shared on Monday.

This acquisition was made by the company’s outfit in Canada, and the transaction was facilitated by Gemini Trust Company LLC.

Environmentalists often frown at BTC and ETH investments seeing they are harmful to the environment based on their energy demands. However, the investments in BTC and ETH by KPMG are set to be accompanied by sustainable carbon-neutral transactions. The firm hopes to do this by investing in carbon offset measures. 

The managing partner, Advisory Services of KPMG in Canada, Benjie Thomas further explained the reasons behind the company’s deliberate interests in the crypto space noting that “Cryptoassets are a maturing asset class,” hence;

“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.”

To be a watchdog over the treasury allocation into the crypto space, the accounting giant created a governance team to ensure that expert hands are on deck to monitor the investment proceedings. The governance team includes professionals in all the key departments of the auditing firm.

The digital finance interest of the company is robust. According to the announcement, it will not stop at acquiring holdings in Ethereum and Bitcoin alone. Additionally, in the near future, it plans to dive into the Decentralized Finance (DeFi), Non-Fungible Tokens (NFT), and the Metaverse world. 

The commitment to delve into the cryptosphere by one of the big four accounting companies in the world indicates the firm’s belief in a future where crypto is widely adopted. That outfits like MicroStrategy, which primarily is a software outfit, also known as a Bitcoin bull is a rare trend and is billed to be a landmark for other big players in mainstream finance.

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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