KPMG in Canada said it added bitcoin and ethereum to its corporate treasury as part of ” the firm’s commitment to emerging technologies and asset classes”. It is the firm’s first direct investment in cryptoassets.
The auditing, tax and advisory service provider acquired cryptocurrencies through Gemini Trust Company LLC’s execution and custody services, and declined to disclose the amount of bitcoin and ether purchased.
“Cryptoassets are a maturing asset class,” says Benjie Thomas, Canadian Managing Partner, Advisory Services, KPMG in Canada. “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.”