Heavy! KPMG Canada branch adds bitcoin, ether to the firm's balance sheet

The Canadian arm of international accounting giant KPMG International said on Feb. 7 that it has added bitcoin and ether to its corporate balance sheet.

Heavy! KPMG Canada branch adds bitcoin, ether to the firm's balance sheet

Since Michael Saylor's MicroStrategy added bitcoin to their balance sheets, dozens of companies have followed suit, with industry players seeing it as a growth area for the space.

These assets were acquired through the execution and custody services of Gemini Trust Company. KPMG has established a governance committee to review regulatory, reputational and custodial risks before approving the distribution of funds.

The company declined to disclose the amount of BTC and ETH purchased.

Kareem Sadek, partner and blockchain lead for advisory and risk advisory at KPMG Canada, told Blockworks that the firm is taking a “cautious” approach to the space, considering only bitcoin and ether so far.

“This is one of many initiatives in the crypto-asset space that we are looking at,” Sadek said. “KPMG in Canada is bullish on crypto assets. We believe they will stick around and we will consider other innovative investment opportunities in the future.”

Hedge funds, family offices, insurance companies and pension funds are increasingly snapping up cryptocurrencies, said Benjie Thomas, Canada managing partner at KPMG Canada Advisory Services.

Others such as banks, financial advisers and brokerages are also exploring the field, he added.

The company provides cryptocurrency-related services in tax, accounting and legal matters.

“Our DeFi workshops now include live demos of multiple applications that tell institutions how to engage with applications and manage the associated risks,” Sadek said. "As a multi-faceted professional services firm, we are uniquely positioned to engage with our clients in these workshops, sharing our insights that form the basis of how we help them develop strategies, roadmaps and even proofs of concept. provide the basis for support.”