150 Year Old Canadian Accounting Organization Adds Bitcoin to Its Corporate Treasury
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Benjie Thomas, one of the Canadian Managing Partners at KPMG stated,
Investors such as hedge funds and family offices to large insurers and pension funds are increasingly gaining exposure to cryptoassets, and traditional financial services such as banks, financial advisors and brokerages are exploring offering products and services involving cryptoassets. This investment reflects our belief that institutional adoption of cryptoassets and blockchain technology will continue to grow and become a regular part of the asset mix,
Prior to the purchase, KPMG took steps to establish a governance committee aimed at providing oversight and approval for the treasury allocation. It also took a thorough look at any tax implications the transaction might have.
“The cryptoasset industry continues to grow and mature and it needs to be considered by financial services and institutional investors,” says Kareem Sadek, Advisory Partner, Cryptoassets and Blockchain Services co-leader, KPMG in Canada
The investment represents the positive outlook KPMG has on developing technology, particularly related to blockchain. The firm has also mentioned that they will continue to look into the growth of the digital asset ecosystem and look to grow their capabilities within the industry.
The Canadian firm acquired the bitcoin and ethereum through the company behind the Gemini centralized exchange, Gemini Trust Company LLC.
CJ is a copywriter by trade, specializing in technology and the decentralized world. He’s a staunch supporter of financial freedom, self improvement, and living to one’s highest potential. He currently runs Techtonic Copywriting while also acting as a marketing advisor for several startups and companies.
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