In Brief:
- KPMG Canada accepts Bitcoin and Ether to its corporate treasury.
- KPMG had established a governance committee to supervise and approve the treasury allocation.
- The allocation of cryptoassests was completed through world’s leading crypto exchange and custodian, Gemini.
KPMG Canada has completed an allocation of crypto assets that includes accepting Bitcoin and Ether to its corporate treasury. This is cited as the company’s first direct investment in crypto assets.
Besides Bitcoin(BTC) and Ether(ETH), the allocation will be open to carbon offsets for maintaining a net-zero carbon transaction. This in turn will help KPMG Canada to meet its stated environmental, social and governance (ESG) commitments, as per the firm’s announcement.
Benjie Thomas, a managing partner for the firm believes that the decision to embrace crypto tokens Bitcoin and Ether points out KPMG Canada’s affirmation towards cryptocurrencies as a “maturing asset class”.
Investors such as hedge funds and family offices to large insurers and pension funds are rapidly gaining exposure to crypto assets. Following this suit, traditional financial service providers like banks, financial advisors and brokerages are also trying to offer products and services involving crypto assets.
It is worth mentioning that the firm established a governance committee to supervise and approve the treasury allocation. The committee included stakeholders from Finance, Risk Management, Advisory, and Audit and Tax. Infact, experts have also assessed the tax and accounting consequences of the transaction.
The brief Twitter interaction between KPMG and Gemini validates Gemini’s role in helping the firm acquire Bitcoin and Ether on its balance sheet.
Speaking of Gemini, it is a leading cryptocurrency exchange and custodian that allows customers to buy, sell, store and earn digital assets. Recently, BanColombia, Colombia’s largest bank, partnered with Gemini to allow crypto trading for citizens of Colombia.
