KPGM is diving headlong into the cryptocurrency sphere via a new asset class in Canada. The firm has allocated the cryptoassets of Bitcoin and Ethereum to its corporate treasury, highlighting the company’s commitment to burgeoning technological asset classes. Likewise, it has added additional carbon offsets of said crypto coins to ensure net-zero carbon transactions, staying true to KPMG’s ESG (environmental, social, and governance) commitments.
Canadian Managing Partner, Benjie Thomas, relates why the new asset class was made available in the form of cryptocurrency:
“Cryptoassets are a maturing asset class. 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. The 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.”
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KPMG has elected a governance committee, which consists of stakeholders from Advisory, Audit, Tax, Risk Management, and Finance, to keep an eye on the treasury allocation. The firm has also taken ample steps to maintain regulatory enforcement with a risk assessment process that reviewed everything from reputational to custodial risks. To ensure strict compliance, tax and accounting implications were also studied in advance.
The firm utilized Gemini Trust Company LLC’s execution and custody services to acquire the Bitcoin and Ethereum on its balance sheet. The move only highlights KPMG’s interest in the broad spectrum of blockchain technologies and how best the firm can bring them to the forefront of their investor’s choices.
Kareem Sadek, Cryptoassets and Blockchain services co-leader, adds his thoughts on KPMG’s new cryptoasset push:
“The cryptoasset industry continues to grow and mature and it needs to be considered by financial services and institutional investors. We’ve invested in a strong cryptoassets practice and we will continue to enhance and build on our capabilities across Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs) and the Metaverse, to name a few. We expect to see a lot of growth in these areas in the years to come.”
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