While the news is significant for the cryptoverse, it is worth noting that the company is an independent KPMG affiliate and the amount of the investment is unknown.
“The allocation includes Ethereum (ETH), and Bitcoin ,” the affiliate of KPMG said Monday.
They also stated that they used Gemini Trust Company LLC for execution and custody services.
A governance committee was also created that included representatives from Finance, Risk Management, Audit, and Tax to oversee and approve the treasury allocation.
KPMG Canada announced that this was a “first-of-its kind investment”. It also noted that the announcement reflects the company’s commitment to maturing technologies and asset classes, such as cryptoassets, and will “become an integral part of the asset mix.”
We cannot reveal the exact amount or breakdown of allocations as we are a private company. “But, we can tell you that we have taken a prudent approach in investing in cryptoassets and will continue to do so,” a spokesperson for the company told Cryptonews.com. He also said that they only considered BTC and ETH when making this investment.
According to the spokesperson, they are currently looking into other initiatives in the cryptoasset sector and will “consider other innovative investments opportunities in the future.”
A spokesperson for the company also stated that it has increased its strategy capabilities and educational workshops to include discussion of the metaverse, NFTs, and decentralized autonomous arganizations.
KPMG LLP was established in Canada under the laws of Ontario. It is a member KPMG’s global network of independent member firms that are affiliated with the major accounting firm KPMG International.
Although this is an affiliate of KPMG International’s crypto space, many commentators in the crypto space have called the move “a very big deal” and argued that a growing number of conservative global firms are adding crypto assets to their annual reports.
Others believe that large companies, or its affiliates, may encourage others to do the same. According to Alistair Milne (chief investment officer, Altana Digital Currency Fund), “So KPMG is one of the three global accounting firms that has Bitcoin on its balance sheet.”
Some also argued that KPMG’s investment into crypto, regardless of its size is more news than Tesla buying BTC. It wasn’t KPMG that made the investment. It was one company within that umbrella.
