KPMG Purchased Bitcoin for its Corporate Treasury

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Key takeaways:

  • KPMG in Canada is bullish on crypto assets and may consider investments other than BTC and ETH in the future, according to an executive.
  • The company teaches institutions about the metaverse, NFTs, and Decentralized Autonomous Organizations (DAOs).NFTs to Serve as a Ticket to Maxwell Tribeca, New York’s Newest Social Club
  • Aside from the investments, the firm hopes to enable institutional participation in Web3.

KPMG formed a governance committee to oversee and approve the treasury allocation. Finance, Risk Management, Advisory, Audit, and Tax stakeholders served on the committee, which undertook and completed a rigorous risk assessment process that included a review of regulatory, reputational, and custodial risks. Experts from KPMG also assessed the transaction’s tax and accounting implications.

The Toronto-based firm, which offers consulting, accounting, auditing, and tax services, announced on Monday that bitcoin and ether have been added to its corporate treasury.

KPMG International, a global network of firms headquartered in the Netherlands, reported $32 billion in revenue for the fiscal year 2021. KPMG in Canada made the most recent cryptocurrency investment.

Since Michael Saylor’s MicroStrategy added bitcoin to its balance sheet, dozens of other companies have followed suit in what industry observers see as a promising growth area for the space.

KPMG International’s Canadian arm has joined a growing list of companies that have added cryptocurrency to corporate treasury accounts.

The assets were acquired using Gemini Trust Company’s execution and custody services. KPMG formed a governance committee to review the regulatory, reputational, and custodial risks prior to approving the treasury allocation.

According to Kareem Sadek, a partner and advisory and risk consulting blockchain leader at KPMG Canada, the firm is taking a “prudent” approach to the space and has only considered purchasing bitcoin and ether thus far.

Next, Sadek told Blockworks, KPMG Canada is looking to enable institutional participation in Web3, with a focus on the metaverse, NFTs, and Decentralized Autonomous Organizations (DAOs).

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Chetna Prakash
Chetna Prakash

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