The adoption of cryptoassets as a form of investment by companies is driving the entry of new institutional players into the crypto market. The latest company to join this trend is KPMG.
According to an announcement recently published by the Big 4, cryptoassets such as bitcoin and ether have been integrated into its balance sheet. KPMG Canada follows the same path as MicroStrategy, which only in early 2022 bought another 660 bitcoin units.
Although it did not declare the total amount invested in cryptoassets, KPMG Canada had revenues of US$ 32 billion last year. Focused on accounting and consulting services, the platform has signaled that it may invest in other digital currencies in the future, in addition to bitcoin and ether.
KPMG Canada’s crypto holdings were traded through Gemini Trust Company’s custody service. In addition to investing in digital currencies, the company intends to act on new trends in the crypto market.
Through educational talks, KPMG Canada already offers content to its clients focused on topics such as decentralized finance (DeFi), non-fungible tokens (NFTs), web 3.0, and the metaverse.
In addition to MicroStrategy, which has become one of the largest bitcoin managers in the world over the past two years, KPMG Canada is following a trend in the financial market that is expected to consolidate in the coming years.
According to a survey presented by Fidelity, the interest of companies in cryptoasset investments should continue to increase and could reach up to 90% by 2026.