KPMG, one of the "Big Four" largest auditors in the world, announced the inclusion of bitcoin and Ethereum in the corporate reserves of its Canadian division. This is the firm's first direct investment in cryptocurrencies, according to a press release.
"Crypto assets are a maturing asset class," said Benji Thomas, managing partner at KPMG. "Investors, including hedge funds, family wealth management firms, large insurers and pension funds, are increasingly opening up to crypto assets, while traditional financial services such as banks, financial advisors and brokers are exploring products and services using crypto assets. This investment reflects our conviction in the continuation of the institutional spread of crypto assets and their consolidation as a standard element of the asset basket."
Karim Sadek, KPMG's consulting partner on crypto assets and blockchain services, noted that the company will continue to increase opportunities in the field of decentralized finance (DeFi), non-interchangeable tokens (NFT) and metaverses by investing "in strong practices of working with crypto assets."
KPMG uses the services of Gemini Trust Company LLC to purchase and store cryptocurrencies. The amount of investment in the publication is not disclosed. In addition to auditing financial statements, KPMG specializes in consulting services, including tax, legal and management consulting.