One Of The Big 4 Accounting Firms Just Added Bitcoin And This Cryptocurrency To Its Corporate Balance Sheet In Canada

One of the big four accounting firms, KPMG, says it has added two large cryptocurrencies to its corporate treasury in Canada.

What Happened: The Anglo-Dutch firm said in a statement Monday the allocation includes Bitcoin BTC/USD and Ethereum ETH/USD along with carbon offsets to maintain a net-zero carbon transaction to adhere to its environmental, social, and governance (ESG) commitments.

KPMG in Canada acquired Bitcoin and Ethereum through Winklevoss brothers’ Gemini Trust Company LLC’s execution and custody services, as per the statement.

“This 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,” said Benjie Thomas, Canadian managing partner, advisory services, KMPG in Canada.

“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,” said Kareem Sadek, advisory partner, cryptoassets and blockchain services co-leader, KMPG in Canada.

See Also: How To Buy Ethereum (ETH)

Why It Matters: KPMG said in its statement that the investment is an illustration of the firm’s outlook on emerging technologies underpinned by blockchain.

Microstrategy Incorporated MSTR was one of the first institutional investors to put Bitcoin on its balance sheet in August 2020.

Since then, companies such as Elon Musk-led Tesla Inc TSLA and Jack Dorsey’s Block Inc SQ have put the apex coin on their treasuries.

KPMG said it has established a governance committee to provide oversight and approve its treasury allocation.

Price Action: At press time, over 24 hours, BTC traded 4.2% higher at $44,052.05, while ETH was up 4% at $3,147.86.

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