The allocation is a first-of-a-kind investment for the company.
KPMG Canada is an independent member affiliated with KPMG International, one of the Big Four accounting firms.
Canada’s KPMG has added bitcoin to its corporate treasury through Gemini Trust Company’s execution and custody services, a first for the Canadian member of KPMG International Limited, a British-Dutch multinational professional services network and one of the Big Four accounting organizations.
“The investment illustrates the firm’s outlook on emerging technologies underpinned by blockchain,” the company said in a Monday statement.
KPMG said it established a governance committee with stakeholders from finance, risk management, advisory, audit, and tax to provide oversight and approve the bitcoin allocation, which also included one other cryptocurrency. The committee performed a “rigorous risk assessment process” that included a review of the many different risks the allocation could pose. Tax and accounting implications were also assessed.
“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,” Canadian managing partner of advisory services at KPMG in Canada, Benjie Thomas, said in a statement. “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.”
KPMG is a full-service audit, tax, and advisory firm owned and operated by Canadians for over 150 years. The company provides consulting, accounting, auditing, and tax services in the country with its over 8,000 employees in more than 40 locations. KPMG did not disclose the size of the allocation.
“The cryptoasset industry continues to grow and mature and it needs to be considered by financial services and institutional investors,” said Kareem Sadek, advisory partner, cryptoassets and blockchain services co-leader, KPMG in Canada.