Canada’s KPMG Adds Bitcoin To Its Treasury

0

  • KPMG Canada has added bitcoin to its corporate treasury.
  • The allocation is a first-of-a-kind investment for the company.
  • KPMG Canada is an independent member affiliated with KPMG International, one of the Big Four accounting firms.

Canada’s KPMG has added bitcoin to its corporate treasury through Gemini Trust Company’s 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.

“The investment illustrates the firm’s outlook on emerging technologies underpinned by blockchain,” the company said in a Monday statement.

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 “rigorous risk assessment process” that included a review of the many different risks the allocation could pose. Tax and accounting implications were also assessed.

Leave A Reply

Your email address will not be published.