Canada's KPMG Adding Bitcoin And Ethereum To Corporate Treasury Is A Conservative Move
Canada’s KPMG, a leader in audit, tax, and advisory services to the private and public sector, has added an allocation of both Bitcoin and Ether to its corporate treasury. Kunal Bhasin, blockchain co-lead at KPMG in Canada, said the firm is being very “prudent” in their approach.
By Andrew Senior
February 9th, 2022
“This is just part of the investments that we’re making overall as a firm in the crypto asset space, including our services and capabilities.”
The KPMG International network formed in 1987 after Peat Marwick International and Klynveld Main Goerdeler merged their respective member firms. KPMG has been providing blockchain and digital assets services, including strategic realization and operations integration, to its clients for some time but this represents the first time the firm has decided to hold cryptocurrencies within its balance sheet. Bhasin commented that,
“We believe in the long term value of crypto assets, we’ve been advising a lot of our clients in terms of how they should be thinking about it. And this is just us putting our skin in the game.”
KPMG’s allocation includes not only Bitcoin (BTC) and Ethereum (ETH), but also the carbon offsets to maintain a net-zero carbon transaction to realize the firm’s stated environmental, social and governance (ESG) commitments.
A governance committee was formed by KPMG with the aim of providing oversight and final approval for the allocation of cryptocurrencies held by the firm’s treasury. Made up of stakeholders from various departments, it undertook and completed a rigorous multi-step risk assessment process including assessments of the tax and accounting burdens created by the transaction.
Gemini Trust Company LLC’s execution and custody services were utilized by KPMG to complete the transaction.
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