Marketing or belief? Opinions divided as KPMG Canada’s treasury adds BTC & ETH
The race to integrate cryptocurrencies into the global banking network is real. The digital asset marketplace recently reclaimed or rather surpassed the $2 trillion mark. The sheer valuation was one of the reasons for the unprecedented traction. A report published by KPMG, one of the ‘Big Four’ accounting organizations had published a report to highlight the same.
According to the company’s biannual Pulse of Fintech report, investment in crypto and blockchain surged to $30 billion in 2021. In 2018 the figure stood at $8.2 billion, with 2019 recording a figure of $5.6 billion and $5.5 billion in 2020.
KPMG in Canada, on 7 February completed an allocation of crypto assets to its corporate treasury. This included Bitcoin, Ethereum tokens. It also incorporated carbon offsets to maintain a net-zero carbon transaction to deliver on the firm’s stated environmental, social and governance (ESG) commitments.
<p lang=«en» dir=«ltr» xml:lang=«en»>We have just completed an allocation of cryptoassets to our corporate treasury, our firm’s first of its kind investment in the asset class. This includes Bitcoin and Ethereum tokens, and carbon offsets to maintain a net-zero carbon transaction: https://t.co/32hsKbnGuC— KPMG Canada (@KPMG_Canada) February 7, 2022
It acquired Bitcoin and Ethereum on its balance sheet throughGemini Trust Company LLC’s execution and custody services. Benjie Thomas, Canada KPMG Managing Partner stated:
“Cryptoassets are a maturing asset class. <…> This investment reflects our belief that institutional adoption of crypto assets and blockchain technology will continue to grow and become a regular part of the asset mix.”
Another executive reiterated a similar stance.
“The cryptoasset industry continues to grow and mature
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