KPMG, one of the Big Four largest auditors in the world, has just included Bitcoin and Ether in the corporate reserves of its Canadian unit. In particular, this is the auditor's first direct investment in cryptos, according to the press release shared by the firm. KPMG managing partner Benjie Thomas said:
"Cryptoassets are a maturing asset class. Investors such as hedge funds and family offices to large insurers and pension funds are increasingly gaining exposure to cryptoassets, and traditional financial services such as banks, financial advisors and brokerages are exploring offering products and services involving cryptoassets. 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."
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KPMG's advisory partner for cryptoassets and blockchain services, Kareem Sadek, has added the company will continue to develop capabilities in decentralized finance (DeFi), non-fungible tokens (NFTs) and the metaverse by investing in "strong cryptoassets practice."
KPMG uses Gemini Trust Company LLC to buy and store cryptocurrencies. The amount of the investment has not been disclosed. In addition to financial statement auditing, KPMG specializes in advisory services, including tax, legal and management consulting.