KPMG cites potential of crypto assets and invests reserves in bitcoin and ether

The accounting giant announced the purchase of assets for its treasury, the first step in the company’s optimism with crypto assets, which should continue with exploration of Web3 and the metaverse.

Accounting giant KPMG has announced that its Canadian arm has added bitcoin and ether to its treasury portfolio. The Dutch company, which had revenues of approximately $32 billion in fiscal 2021, declined to disclose the value of the investment.

The Canadian operation, based in Toronto, offers consulting, auditing and accounting services. This Monday, the 7th, it disclosed that part of its treasury was invested in bitcoin and ether, after the approval of a governance committee to review the regulatory, custody and reputation risks that the acquisition could bring.

According to partner and leader of blockchain consultancy at KPMG Canada, Kareem Sadek, the company is “taking a prudent stance on crypto.” He commented in an interview with Blockworks: “This is just one of several initiatives we are looking at in the crypto world. KPMG in Canada is bullish on cryptocurrencies. We believe they are here to stay and we will consider other investment opportunities in the future”, pointing out that the company may invest in other digital assets besides bitcoin and ether.

For the foreseeable future, KPMG intends to make institutional participation in Web 3.0 possible, with a focus on the metaverse, NFTs and Decentralized Autonomous Organizations (DAOs), Sadek said.

Since Michael Saylor’s MicroStrategy announced its bitcoin investments in August 2020, other companies have seen crypto as an area of ​​great opportunity and growth. Recently, the enterprise software company bought another $25 million worth of bitcoin. Other large companies, such as MercadoLivre and Tesla, among several others, have also followed the same path.

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