One of the world’s largest accounting corporations is adding Bitcoin and Ethereum to its balance sheet. It looks like institutional adoption is gaining momentum.
KPMG Canada has bought BTC and ETH
MicroStrategy, Square and Tesla are the most popular companies holding Bitcoin. As of recently, their group has expanded to include the Canadian branch of KPMG, which has purchased Ethereum in addition to the king of cryptocurrencies.
This fact came to light on Monday, February 7. As the statement reads, KPMG “shares its belief that institutional adoption of cryptocurrencies and blockchain technology will continue to grow and become a regular part of the asset mix.”
These words are complemented by Benjie Thomas, who is the managing partner for the Canadian arm of the company. He states:
“Cryptocurrencies are a maturing asset class. Investors such as hedge funds and family offices, to large insurers and pension funds, are increasingly gaining exposure to cryptocurrencies, and traditional financial services such as banks, financial advisors and brokerages are exploring offering products and services involving cryptocurrencies.”
Kareem Sadek, co-head of crypto services advisory partner at KPMG Canada reported that the company has invested in a strong cryptocurrency practice and still plans to strengthen its position in the market. It is looking favorably toward decentralized finance (DeFi), non-convertible NFT tokens, and the Metaverse sector. As Sadek points out, he expects high growth in the mentioned areas, through which KPMG intends to participate in the market.
Who is KPMG?
KPMG is one of the largest companies in the market, focusing on providing accounting, advisory and audit services. It also operates in the field of tax and business consulting. It is a corporation registered in Switzerland, which is a combination of British and Dutch initiative. It is a company that employs nearly 210,000 people worldwide and operates in 153 countries. KPMG belongs to the big four companies of its sector. It also includes PricewaterhouseCoopers (PwC), Deloitte and Ernst & Young.
Is adoption at KPMG of any significance to the market?
You might say that Bitcoin and Ethereum on KPMG’s balance sheet, is nothing special. After all, the adoption of cryptocurrencies in large corporations has become the norm, to which we as market participants have long become accustomed. Nothing could be further from the truth. First of all, the presence of Ethereum and the announcement of the adoption of a number of other altcoins seems to be the turning point here. Furthermore, let’s remember that KPMG is a firm that operates in the finance segment. It has a rich portfolio of clients, which in time has the right to follow the giant’s footsteps.