KPMG Canada Adds Bitcoin and Ethereum to Its Balance Sheet

KPMG Canada has added an unknown amount of Bitcoin (BTC) and Ethereum (ETC) to its corporate treasury, in its first direct investment in crypto assets, the company announced on Monday. In addition to the two largest cryptocurrencies, the firm also purchased carbon offsets as part of its environmental, social, and governance (ESG) mandate in an effort to achieve net-zero carbon transactions. The purchase was made through institutional custody firm Gemini Trust Company. The company also revealed establishing a governance committee to oversee and approve the treasury allocation, as well as to assess the tax and accounting implications of the transaction. Commenting on the development, Kareem Sadek, a partner and advisory and risk consulting blockchain leader for KPMG Canada, said: “We’ve invested in a strong cryptoassets practice and we will continue to enhance and build on our capabilities across Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and the Metaverse, to name a few. We expect to see a lot of growth in these areas in the years to come.” Currently, KPMG Canada offers a host of crypto-related advisory services including educational workshops, vendor assessments, and compliance program reviews, among others. This is not the first time KPMG has involved itself with the digital asset sector. Back in 2020, the firm unveiled a blockchain-based Climate Accounting Infrastructure Solution to assist companies in meeting...