Friday, March 29

KPMG from Canada buys Bitcoin and Ethereum to put in the company’s cash | Bitcoin Portal

One of the largest auditing firms in the world, the big four KPMG, announced this Monday (07) that it has completed an acquisition of Bitcoin (BTC) and Ethereum (ETH) in its corporate revenue from the Ontario division in Canada. According to the company’s statement, it is the “first direct investment in crypto-assets”.

The purchase of the assets was carried out through the Winklevoss brothers’ brokerage, Gemini Trust Company LLC, says the release. In addition to bitcoin and ethereum, KPMG’s new reserve also includes carbon credits.

The allocation of this type of asset is in line with its efforts to comply with acts declared in its ESG (environmental, social and governance practices”, declared the company.

“Crypto asset allocation is a first-of-its-kind investment for KPMG in Canada and reflects the company’s commitment to emerging technologies and asset classes,” the company wrote without mentioning the value set aside in cryptocurrencies.

Benjie Thomas, manager and advisory services at KPMG in Canada, said in the statement that cryptocurrencies are a growing asset class and that investors such as hedge funds and family offices of large insurance and pension funds are gaining increasing exposure. to digital assets.

“Banks, financial advisors and brokers are exploring offering products and services involving crypto assets. The adoption of crypto assets and blockchain technology will continue to grow and will become a regular part of the asset mix,” said Thomas.

For Kareem Sadek, one of KPMG’s leading cryptocurrency and blockchain services in Canada, the crypto industry continues to grow and mature and needs to be considered by financial services and institutional investors.

“We have invested in a strong cryptocurrency practice and will continue to enhance and develop our capabilities in Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs) and Metaverse, to name a few. We expect to see a lot of growth in these areas in the coming years,” Sadek said.

Also according to the statement, KPMG experts evaluated the tax and accounting implications of the transaction after establishing a governance committee to oversee and approve the treasury allocation. “A rigorous risk assessment process that included an analysis of regulatory, reputational and custodial risks,” reads another excerpt from the note.

KPMG Fintech Report

In a report on the growth of fintechs made by Pulse of Fintech da KPMG, also released this Monday, Anton Ruddenklau, global leader for the sector, spoke about cryptocurrencies.

He said the company has seen an incredible amount of interest in all types of fintech companies, with record funding in areas such as blockchain and cryptocurrencies, cybersecurity and wealthtech.

According to the report, in 2021, global investments in the sector reached US$ 210 billion in a record 5,684 new deals.



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