KPMG’s Canadian branch has made its first allocation of cryptocurrency assets to its corporate treasury. According to New Wire Canada, the accounting firm announced that it has added cryptocurrencies to its treasury for the first time.
“KPMG in Canada has completed an allocation of cryptoassets to its corporate treasury, the firm’s first direct investment in cryptoassets,” according to the announcement. The allocation includes Bitcoin (BTC) and Ethereum (ETH), as well as carbon offsets, in order to maintain a net-zero carbon transaction in order to meet the firm’s stated environmental, social, and governance (ESG) commitments.”
However, as of this writing, the firm had not disclosed the amount invested in either Bitcoin or Ether. The cryptocurrencies were purchased through the execution of Gemini Trust Company.
To oversee and approve the treasury allocation, KPMG formed a governance committee, which included a risk assessment and a review of the tax and accounting implications.
KPMG has been working with Distributed Ledger Technology (DLT) since 2020, when it unveiled a blockchain-based Climate Accounting Infrastructure Solution, an initiative designed to help companies meet their ESG targets.
This news comes just two months after PwC Hong Kong, an international subsidiary of the global PricewaterhouseCoopers (PwC) organization, announced its entry into the metaverse with the acquisition of LAND in the popular world The Sandbox.
