As a first direct investment in cryptoassets, KPMG in Canada has allocated an investment in cryptoassets to its corporate treasury. The cryptoassets include Bitcoin, Ethereum and carbon offsets, which goes towards the firm’s ESG commitments. KPMG Canada acquired the cryptoassets on its balance sheet through Gemini Trust Company LLC’s execution and custody services.
Benjie Thomas, KMPG Canada’s Managing Partner for Advisory Services said:
Cryptoassets are a maturing asset class.
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.
A KPMG governance committee was established to provide oversight and approve the allocation. It included stakeholders from various areas and completed an intense assessment process. This included reviewing regulatory, reputational and custodial risks while also assessing tax and accounting implications.
The investment reflects the firm’s view on blockchain and emerging technologies. KPMG Canada’s Advisory Partner and Cryptoassets and Blockchain Services co-leader, Kareem Sadek said:
The cryptoasset industry continues to grow and mature and it needs to be considered by financial services and institutional investors.
We’ve invested in strong cryptoassets practice and we will continue to enhance and build on our capabilities across DeFi, NFTs and the Metaverse to name a few. We expect to see a lot of growth in these areas in the years to come.
Like Australia, Canada makes an outsized contribution to crypto and blockchain projects, with Ethereum co-founder Vitalik Buterin hailing from Toronto. KPMG offices operate quite separately at country level, but KPMG Australia must surely feel some pressure with the Canucks grabbing the treasury innovation lead!