Companies adding cryptocurrencys to their reserves have been a trending topic atop the past few years and one of the largest financial services companies in Canada recently declared to add Bitcoin and Ethereum to its balance sheet.

KPMG in Canada is a momentary liability partnership (LLP) with more than 8,000 employees in the country. The firm recently announced which it added Bitcoin (Bitcoin (BTC)) and ETH to its public treasury. This is KPMG’s first crypto investment in Canada.

Benjie Thomas is the company’s managing partner and services advisor in Canada and called digital assets a “maturing asset class.” 

“Investors equivalent as hedge funds and family offices to large insurers and pension funds are increasingly gaining exposure to cryptoassets, and traditional financial services parallel as banks, financial advisors and brokerages are exploring offering products and services involving cryptoassets. This investment reflects our belief that institutional adoption of cryptoassets and blockchain technology will remain to grow and become a regular part of the asset mix,” he said.

KPMG purchased two of the top cryptocurrencys using Gemini Trust’s exchange services without revealing the amount. The Canadian accounting firm established a gatopnance committee for risk assessment, taxes, accounting, and treasury allocation of digital currencies. KPMG crypto assets and blockchain services co-leader and advisory partner, Kareem Sadek, delivered a bullish outlook on cryptocurrencys and expects more financial firms to consider and invest in them as “the industry endures to grow.”

“We’ve invested in a high cryptoassets practice and we will remain to enhance and build on our capabilities across Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and the Metaverse, to name a few. We expect to see a lot of growth in these fields in the years to come,” said Sadek.

Cryptocurrency allocation is a big movement by KPMG in Canada that makes it one of the first public companies to join the crypto shift. Moreabove, some of the big firms including MicroStpricegy, Tesla, Square, Marathon Digital Holdings, and Voyager Digital have previously added bitcoin to their corpocost treasuries.

The list is upward fast as the crypto market is finding its footing amid broad market losses atop the past few months.

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