In Canada, KPMG Has Added BTC As Well As ETH To Its Treasury.

In Canada, KPMG Has Added BTC As Well As ETH To Its Treasury.

2022-02-08 | Selina Mathew

In Canada, KPMG Has Added BTC As Well As ETH To Its Treasury.

An auditor from the Big Four KPMG Canada has formally introduced Bitcoin (BTC) as well as Ether (ETH) to its company treasury, following other big corporations in changing a part of their currency holdings to digital assets.

According to Benjie Thomas, a managing partner at KPMG Canada, the move to acquire Bitcoin as well as Ether to its financial sheet shows the company's opinion that cryptos are a "progressing asset class."

In Canada, KPMG is treading in the footprints of hedge funds, family offices, as well as pension funds by investing in cryptocurrency.

KPMG in Canada claimed it acquired carbon offsets as a portion of its environmental, social, as well as governance (ESG) responsibility, in conjunction with its freshly obtained BTC as well as ETH holdings.

A governance board comprised of stakeholders from many departments, notably finance, risk management, as well as tax, oversees the corporation's treasury strategy. Prior to opting to incorporate digital assets into its portfolio, KPMG claimed it "performed a detailed risk analysis," along with an evaluation of tax consequences.

KPMG first poked its fingers into the cryptocurrency field in 2020, when it introduced a blockchain-based Climate Accounting Infrastructure Solution. As Cointelegraph highlighted at the moment, the new project was created to help businesses reach their ESG goals.

In the last year, some prominent firms have pursued participation in cryptocurrency in a bid to broaden their portfolio as well as a hedge against inflation. The most well-known illustration is business analytics firm MicroStrategy, which has embraced a full-fledged Bitcoin standard by changing all of its cash reserves into BTC and potentially borrowing to fund new acquisitions.

Furthermore, as per formal numbers released on Monday, Tesla had roughly $2 billion in Bitcoin on its income statement by the end of 2021. As per Bitcoin Treasuries, forty openly traded corporations presently possess BTC.

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