KPMG Canada Adds Bitcoin and Ethereum to Balance Sheet

KPMG Canada Adds Bitcoin and Ethereum to Balance Sheet
1 min read News
  • KPMG Canada has added Bitcoin and Ethereum to its balance sheet.
  • The company assured that it took a “rigorous risk assessment” prior to investing.
  • Aside from crypto, the company is also interested in DeFi, NFTs, and the metaverse.

The Canada branch of auditing juggernaut KPMG recently announced that it has added Bitcoin (BTC) and Ethereum (ETH) to its balance sheet. This is the firm’s “first of its kind” investment into crypto.

KPMG Canada purchased the mentioned crypto assets through the US-based crypto exchange Gemini. According to the company’s announcement, this will not be its last engagement with innovations that came through blockchain.

Kareem Sadek, KPMG Canada’s Advisory Partner, said:

“The cryptoasset industry continues to grow and mature and it needs to be considered by financial services and institutional investors.”

In fact, the company is also interested in decentralized finance (DeFi), non-fungible tokens (NFTs), and the metaverse. “We expect to see a lot of growth in these areas in the years to come,” Sadek added.

KPMG Canada assured that it took a “rigorous risk assessment” of Bitcoin and Ethereum prior to investing in these assets. They also considered the tax and accounting implications of the transaction.

Meanwhile, the company did not specify how much bitcoins or ethers it has at the time of publication.

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