KPMG Canada in a surprising move has added an undisclosed amount of ether and bitcoin to its corporate balance sheet. The accounting firm says this is just part of the investments it’s making in the crypto asset space.
Kunal Bhasin, the blockchain co-lead at KPMG in Canada, said they are taking a very prudent approach in investments. It has been providing blockchain and digital assets-related services such as strategic realization and operations integration. Bhasin said KPMG Canada believes in the long-term value of crypto assets. The firm has been advising its clients about digital assets as well.
The executive revealed that they will continue to build their capability in decentralized finance, blockchain gaming and metaverse. Bhasin said their goal is to enable institutional participation in Web3.0 – the next generation of the internet. Moreover, the firm is establishing a governance committee to oversee and approve the treasury allocation and assess the tax and accounting implications of the transaction.
Benjie Thomas, advisory services managing partner at KPMG in Canada, described crypto assets as a maturing asset class. He highlighted that hedge funds, family offices, large insurers and pension funds are gaining exposure to crypto-assets. With this, financial advisors, banks, and brokerages are wanting to offer crypto-assets products and services.
KPMG Canada through its investment in ether and bitcoin has joined the league of major companies like MicroStrategy and Tesla that have added crypto to their balance sheets.