Accounting Giant KPMG Invests in Bitcoin as it Hits $45,000

• The Canadian branch of accounting firm KPMG has made its first investment in cryptocurrency, according to New Wire Canada

• The finance giant added flagship cryptocurrency Bitcoin and Ethereum to its corporate treasury on Monday

• The firm purchased the coins through Gemini Trust Company’s execution and custody services but failed to disclose the amount purchased

KPMG Canada announced on Monday that it had made the “first-of-its-kind investment” in cryptocurrencies.

The company which is one of the Big Four accounting firms disclosed that it had added Bitcoin and Ethereum to its corporate treasury.

“KPMG in Canada has completed an allocation of crypto assets to its corporate treasury, the firm’s first direct investment in crypto assets.”

The cryptocurrencies were acquired through Gemini Trust Company’s LLC’s execution and custody services, according to New Wire Canada.
Confirming the accounting giant’s investment in crypto, Benjie Thomas, the managing partner of Advisory Services KPMG Canada stated that the investment was made due to investors gaining more exposure to crypto assets.

He also added that more banks and financial advisors were exploring offering products and services that involved the use of cryptocurrency assets.
However, the firm has so far not revealed that amount invested in either Bitcoin or Ethereum.

Read also: Tesla Bitcoin Holdings Worth $2 Billion- Filing

This news comes less than two months after another accounting giant PwC Hong Kong announced that it was venturing into the Metaverse with the acquisition of land space in The Sandbox’s virtual world.

At the time of this report. Bitcoin is trading at $43,697, after reaching $45,000 earlier in the day. Ethereum on the other hand is at $3,100, up more than 13% in the past week.

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