08 Feb 2022 Marsha Tusk
Bitcoin And Ethereum Are Now On KPMG’s Corporate Treasury
Crypto adoption seems to have not settled down, amid a turbulent month of January for the crypto sector. The latest large corporation to enter the crypto race is KPMG Canada, which reportedly bought Bitcoin and Ethereum, and later transferred them to its corporate treasury.
However, the auditing, tax, and advisory partnership didn’t disclose the exact details of the crypto purchase but denoted that the purchase was done with the help of Gemini Trust Co., which is providing custody services.
It turns out Canada is one step ahead of countries like the United States in terms of crypto adoptions, as Canadians already approved several crypto exchange-traded funds (ETFs). However, KPMG’s moves in the US may soon become reality, as the company’s US branch is an auditor for MicroStrategy Inc., which is the biggest corporate advocate for buying Bitcoin and has made it part of the software company’s strategy.
Apart from MicroStrategy and several financial institutions, the US is left with little to no corporate crypto investors, except Tesla’s short-lived Bitcoin acceptance.
“Having gone through this process ourselves now, we’re confident we can guide clients and prospective clients through the process of crypto asset treasury allocation,” KPMG noted in an e-mail to investors, adding that the “investment allows us to share our journey, our experiences, our challenges with them so that we can help them navigate the crypto asset world.”
KPMG’s decision to enter the crypto sector was deliberately considered, and it took KPMG months to see if their decision to adopt Bitcoin and Ethereum would be workable. The decision was influenced by their ESG commitments, including environmental, social, and governance impacts.
The whole process of decision-making included forming a committee, which oversaw the process, and different factors like reputational, regulatory, and ownership issues of crypto. Furthermore, KPMG decided to go with Bitcoin and Ethereum, as they are the top currencies in the market, and as their growth continues, the gains for the company will increase.
It is worth noting that this would not be the last effort of KPMG into taking a piece of the crypto sector, as the company also intends to expand its investments to decentralized finance, metaverse, and Web 3.0 projects.
The crypto market’s rebound
KPMG’s move comes just as the crypto sector is regaining momentum after a turbulent month of January. Almost all crypto projects are in the green, expanding their value anywhere between 5% and 50%. Bitcoin (BTC), for example, recorded a 12.26% weekly price increase, which pushed its price past $40,000. Bitcoin’s move up also pushed other cryptos, like Ethereum (ETH), which is officially back above $3,000, while Ripple (XRP) spiked 36% to secure a price point of $0.8465 as of press time.
Source: Crypto Browser
However, one of the biggest gainers among the top-performing cryptos is Shiba Inu (SHIB), which added close to 50% to its price, making it the best-performing crypto asset in the crypto top 100 on a weekly basis.
Also, the total crypto market capitalization managed to spike past $2 trillion for the first time since late January. The massive spike comes just two weeks after the crypto market plummeted below $1.5 trillion.
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