KPMG Canada becomes the latest mainstream firm to add Bitcoin and Ether to its treasury

Key KPMG Takeaways

• KPMG Canada purchases carbon offsets to offer crypto in an eco-friendly way.
• Meet some global organizations with cryptocurrency on their balance sheet.

NIGERIA (CoinChapter.com) — KPMG Canada, a subsidiary of the global accounting firm, has become the latest addition to the ever-booming cryptocurrency space.

The firm announced in a press release Monday that it had allocated a portion of its corporate treasury to Bitcoin (BTC) and Ethereum’s native token Ether (ETH). Meanwhile, it also revealed Gemini Trust Company, a company owned by Cameron and Tyler Winklevoss, as its official crypto partner.

Benjie Thomas, KPMG Canada’s managing partner, cited a recent increase in demand for crypto assets as its core reason for adding them to their balance sheets, adding that they believe the crypto and blockchain technology to be “the future.”

An eco-friendly adoption, after all

In addition to adding BTC and ETH to its balance sheet, KPMG Canada also purchased carbon offsets to ensure its crypto operations remain environment-friendly.

The company disclosed that it purchased carbon offsets aligned with its environmental, social, and governance (ESG) principle. It is worth noting that the firm had earlier committed to developing responsible, eco-friendly, sustainable strategies for business activities.

Hence, it rolled out a blockchain-based Climate Accounting Infrastructure (CAI) initiative to help organizations measure greenhouse gas emissions.

Furthermore, the firm also launched a governance committee to provide oversight and approve the treasury allocation. The committee also analyzes the firm’s tax and accounting implications of crypto transactions.

Kareem Sadek, KPMG Canada crypto and blockchain services co-leader, also delighted with crypto integration. He revealed that KPMG Canada integrated crypto assets because of the crypto space growth.

“The crypto asset industry continues to grow and mature and it needs to be considered by financial services and institutional investors,” Sadek said.

Additionally, Sadek also announced that the accounting company was investing and exploring ways to enter and increase its influence in the DeFi space. He noted that the company would also explore non-fungible tokens (NFTs) and the metaverse.

KPMG Canada not the first to adopt crypto

The Canadian division of KPMG is now among other major companies that have chosen to delve into digital assets. Here are some of the top global organizations with crypto assets on their balance sheet.

MicroStrategy

MicroStrategy, a business intelligence company, is currently the biggest corporate bitcoin holder with more than 121,044 bitcoin in its holding. According to reports, more than 25 percent ($4.4 billion) of the company’s market cap is in digital currency.

Tesla

Elon Musk electric car company, Tesla, is another international organization with bitcoin in its holding. Tesla recently disclosed that its bitcoin holdings sit at around $2 billion as of Dec. 2021.

Square

Jack Dorsey’s fintech firm Square also has a considerable digital currency on its balance sheet. According to a recent evaluation, the company invested a total of $250 million in bitcoin, which is now worth over $400 million. Other information suggests that Square holds nearly 8,027 bitcoins.