A bunch of prominent corporations have converted a portion of their currency holdings to digital currencies, Auditor from the Big Four KPMG’s Canadian branch becomes the latest to add Bitcoin (BTC) and Ethereum (ETH) to its corporate treasury.
KPMG Canada’s decision to include Bitcoin and Ether on its balance sheet underscores the firm’s opinion that cryptocurrencies are a “maturing asset class,” according to managing partner Benjie Thomas. In Canada, KPMG is following hedge funds, family offices, and pension funds in developing exposure to cryptocurrency.
KPMG Canada claimed it purchased carbon offsets as part of its environmental, social, and governance (ESG) responsibility, in addition to its freshly acquired BTC and ETH holdings.
A governance committee oversees the company’s treasury policy, which includes representatives from numerous divisions, including finance, risk management, and tax.
Before opting to add digital assets to its portfolio, KPMG claimed it “performed a detailed risk assessment,” which included examining tax consequences.
KPMG shows interest in blockchain
KPMG debuted a blockchain-based Climate Accounting Infrastructure Solution in 2020, dipping its toes in the crypto sector for the first time. The new project noted at the time was created to help corporations reach their ESG goals.
Over the last year, a number of prominent organizations have sought exposure to cryptocurrency in order to diversify their holdings and hedge against inflation.
MicroStrategy, a business analytics firm, is the most well-known example, having converted all of its cash reserves into Bitcoin and even issuing debt to fund additional purchases.
Meanwhile, according to official records disclosed on Monday, electric vehicle producer Tesla had roughly $2 billion in Bitcoin on its balance sheet by the end of 2021. According to Bitcoin Treasuries, BTC is held by forty publicly traded corporations.
