KPMG Canada makes first direct investment in Bitcoin and Ethereum

What 

Consulting firm KPMG has added Bitcoin and Ethereum to its corporate treasury, marking the firm’s first direct investment in cryptoassets 

Why 

KPMG in Canada believes that the institutional adoption of cryptoassets and blockchain technology will continue maturing as an asset class 

What next 

The firm says it is “invested in a strong cryptoassets practice” and will continue to build on its investments and capabilities across these sectors 

The story 

KPMG in Canada has added Bitcoin and Ethereum to its corporate treasury. 

“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.

KPMG established a governance committee to oversee and approve the investment. It also completed a risk assessment of the transaction that included a review of regulatory, reputational and custodial risks. 

“Investors such as hedge funds and family offices to large insurers and pension funds are increasingly gaining exposure to cryptoassets,” said Benjie Thomas, Canadian Managing Partner, Advisory Services at the firm. “This investment reflects our belief that institutional adoption of crypto-assets and blockchain technology will continue to grow and become a regular part of the asset mix,” he said. 

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