The race to integrate cryptocurrencies into the global banking network is real. The digital asset market has recently regained the $2 trillion mark, or rather. The sheer appreciation was one of the reasons for the unprecedented traction. A report from KPMG, one of the ‘Big Four’ audit firms, had published a report highlighting the same.

According to the company’s biennial Pulse of Fintech report, investments in crypto and blockchain rose to $30 billion in 2021. In 2018 the figure was $8.2 billion, in 2019 a figure of $5.6 billion and $5.5 billion in 2020.

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KPMG in Canada completed an allotment of crypto assets to the company’s treasury on Feb. This included Bitcoin, Ethereum tokens. It also included carbon offsets to maintain a net-zero carbon transaction to meet the company’s environmental, social and governance (ESG) commitments.

It acquired Bitcoin and Ethereum on its balance sheet through the execution and custody services of Gemini Trust Company LLC. Benjie Thomas, KPMG Managing Partner Canada stated:

“Cryptoassets are a maturing asset class. <…> This investment reflects our belief that institutional adoption of crypto assets and blockchain technology will continue to grow and become a regular part of the asset mix.”

Another executive reiterated a similar view.

“The cryptoasset industry continues to grow and mature and should be considered by financial services and institutional investors,” Kareem SadekAdvisory Partner, Cryptoassets and Blockchain Services co-leader added.

Several proponents within the crypto industry expressed positive sentiment. Mike Novogratz of Galaxy Digital (founder of a financial services and investment management company) tweeted

“This is Big News. A few years ago, it was a matter of pulling teeth to get even a Big 4 firm to talk to a crypto firm. Now they are part of the community. Forward and up.”

But that is not it. As a result of companies piling up cryptocurrencies in their coffers, their stocks have seen a huge price increase and as a result of buying cryptos they have received millions of dollars in free marketing. KPMG is one such example, as its flagship company’s share price rose 2% after the news. Apart from this, major banking institutions such as JP Morgan and Goldman Sachs also rode this cart.

This post Marketing or Faith? Opinions Divided as KPMG Canada Treasury Adds BTC & ETH

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