Big Four auditor KPMG’s Canadian operation has officially added Bitcoin (BTC) and Ether (ETH) to its corporate treasury, joining other major companies in converting a portion of its fiat holdings into digital assets.
The decision to add Bitcoin and Ether to its balance sheet reflects KPMG Canada’s belief that cryptocurrencies are a “maturing asset class,” says Benjie Thomas, a managing partner for the firm. KPMG in Canada is following in the footsteps of hedge funds, family offices and pension funds in gaining exposure to crypto.
In addition to its newly acquired BTC and ETH holdings, KPMG in Canada said it also purchased carbon offsets as part of its environmental, social and governance (ESG) mandate.
KPMG just announced that they have added Bitcoin and Ethereum to their corporate balance sheet.
Game on.
— Pomp (@APompliano) February 7, 2022
The company’s treasury policy is overseen by a governance committee that includes stakeholders from several divisions, including finance, risk management and tax. KPMG said it “completed a rigorous risk assessment,” including evaluating tax implications, before deciding to add digital assets to its holdings.
KPMG dipped its toes in the crypto sector as far back as 2020 when the firm unveiled a blockchain-based Climate Accounting Infrastructure Solution. As Cointelegraph reported at the time, the new initiative was designed to assist companies in meeting their ESG targets.
Several major corporations have sought exposure to crypto over the past year in an effort to diversify their holdings and hedge against inflation. The most famous example is business intelligence firm MicroStrategy, which has adopted a full-on Bitcoin standard by converting all of its cash reserves into BTC and even raising debt to fund additional purchases.
Related: MicroStrategy buys the dip by purchasing 660 Bitcoin for $25M
Meanwhile, electric vehicle maker Tesla was holding nearly $2 billion worth of Bitcoin on its balance sheet at the end of 2021, according to official records that were released on Monday. Forty publicly-listed companies currently hold BTC, according to Bitcoin Treasuries.
Source: https://cointelegraph.com/news/kpmg-in-canada-adds-btc-and-eth-to-its-treasury
