{"id":11385,"date":"2022-02-07T17:22:44","date_gmt":"2022-02-07T17:22:44","guid":{"rendered":"http:\/\/ci0299410f0000278d"},"modified":"2022-02-07T17:22:44","modified_gmt":"2022-02-07T17:22:44","slug":"canada-kpmg-adds-bitcoin-to-its-treasury","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/business\/canada-kpmg-adds-bitcoin-to-its-treasury","title":{"rendered":"Canada\u2019s KPMG Adds Bitcoin To Its Treasury"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><ul>\n<li>KPMG Canada has added bitcoin to its corporate treasury.<\/li>\n<li>The allocation is a first-of-a-kind investment for the company.<\/li>\n<li>KPMG Canada is an independent member affiliated with KPMG International, one of the Big Four accounting firms.<\/li>\n<\/ul>\n<p>Canada\u2019s KPMG has added bitcoin to its corporate treasury through Gemini Trust Company\u2019s execution and custody services, a first for the Canadian member of KPMG International Limited, a British-Dutch multinational professional services network and one of the Big Four accounting organizations.<\/p>\n<p>\u201cThe investment illustrates the firm&#8217;s outlook on emerging technologies underpinned by blockchain,\u201d the company said in a <a href=\"https:\/\/www.newswire.ca\/news-releases\/kpmg-in-canada-adds-bitcoin-and-ethereum-to-its-corporate-treasury-851778842.html\" target=\"_blank\" rel=\"noopener\">Monday statement<\/a>.<\/p>\n<p>KPMG said it established a governance committee with stakeholders from finance, risk management, advisory, audit, and tax to provide oversight and approve the bitcoin allocation, which also included one other cryptocurrency. The committee performed a \u201crigorous risk assessment process\u201d that included a review of the many different risks the allocation could pose. Tax and accounting implications were also assessed.<\/p>\n<p>\u201cThis 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,\u201d Canadian managing partner of advisory services at KPMG in Canada, Benjie Thomas, said in a statement. \u201cInvestors 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.\u201d<\/p>\n<p>KPMG is a full-service audit, tax, and advisory firm owned and operated by Canadians for over 150 years. The company provides consulting, accounting, auditing, and tax services in the country with its over 8,000 employees in more than 40 locations. KPMG did not disclose the size of the allocation.<\/p>\n<p>\u201cThe cryptoasset industry continues to grow and mature and it needs to be considered by financial services and institutional investors,\u201d said Kareem Sadek, advisory partner, cryptoassets and blockchain services co-leader, KPMG in Canada.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Canadian member of KPMG\u2019s global organization of independent firms bought bitcoin through Gemini for its corporate treasury.<\/p>\n","protected":false},"author":2572,"featured_media":10461,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[1528,1097,93,1174],"class_list":{"0":"post-11385","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-canada","9":"tag-kpmg","10":"tag-news","11":"tag-treasury"},"author_data":{"id":2572,"name":"Namcios","nicename":"namcios","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/pfp-96x96.png"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/elections-canada-consults-with-political-parties-on-crypto-donations.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/11385","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2572"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=11385"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/11385\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/10461"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=11385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=11385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=11385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}