Accounting giant KPMG has announced it is getting into the crypto space. In a press release in February 2021, its Canadian office indicated they had purchased Bitcoins (BTC) and Ethereum (Ether) to use in corporate treasury. However, they did not reveal the details about the quantities.
Benjie Thomas, the managing partner at KPMG’s Canada office, indicated that the purchase showed the organization’s belief that crypto assets and blockchain are going to be important components of asset mix.
KPMG’s decision to buy cryptos may be related to Canada’s legal framework, which appears supportive of the new digital assets compared to the United States.
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A Growing Blockchain and Crypto Business
Recently, KPMG has expanded its business to include new finance practices and latest technologies. It has created a new unit that is dedicated to providing blockchain and crypto-asset services. The KPMG US office is charged with auditing the software firm, MicroStrategy Incorporated, which holds the largest cryptos among the listed firms.
KPMG told Bloomberg that it is confident in guiding clients via the crypto assets allocation after going through the process. KPMG aims to share its journey, experiences, and challenges so that users can correctly navigate through the crypto space.
In November 2020, KPMG revealed its framework for crypto assets. The framework consists of several pillars that clients should focus on:
- Determining client’s requirements.
- Managing forks in cryptos.
- Security.
- Storage.
Kareem Sadek, the co-leader of KPMG’S Crypto assets and Blockchain Service Unit, explained that they have invested in strong crypto practice and will continue enhancing the organization’s capabilities in non-fungible tokens (NFTs), Metaverse, and decentralized finance (DeFi). He added that they also expect to see a lot of growth in these crypto areas.
