KPMG Canada is the latest corporate giant to disclose support for Bitcoin, Ethereum, and the crypto asset class. What does the corporate endorsement mean for crypto? Covered: KPMG Canada Adds Bitcoin And Ethereum Institutional Adoption Is Changing Crypto’s Trajectory RECOMMENDED: BITCOIN’S CORRELATION TO THE NASDAQ IS STARTING TO FALL, SAYS TECHNICAL ANALYST KPMG Canada Adds […] The post BREAKING: Corporate Giant KMPG Adds Bitcoin And Ethereum To Balance Sheet appeared first on CryptosRus.

BREAKING: Corporate Giant KMPG Adds Bitcoin And Ethereum To Balance Sheet

KPMG Canada is the latest corporate giant to disclose support for Bitcoin, Ethereum, and the crypto asset class. What does the corporate endorsement mean for crypto?

Covered:

  • KPMG Canada Adds Bitcoin And Ethereum
  • Institutional Adoption Is Changing Crypto’s Trajectory

RECOMMENDED: BITCOIN’S CORRELATION TO THE NASDAQ IS STARTING TO FALL, SAYS TECHNICAL ANALYST

KPMG Canada Adds Bitcoin And Ethereum

If you’re not aware of KPMG, it is one of the big four accounting firms in the United States, historically leading the world in global auditing and accounting services since 1987.

Bitcoin and Ethereum just got some major stamps of approval from the corporate giant. This morning, KMPG Canada teased at its foray into the crypto space by wishing Crypto Twitter a good morning.

Not too long after, this tease was followed up with an official statement from KPMG Canada. The firm announces that its Canada branch firm has completed an allocation of both Bitcoin and Ethereum to the corporate treasury. It acquired the assets through Gemini Trust Company LLC’s execution and custody services.

Institutional Adoption Is Changing Crypto’s Trajectory

For the first decade of the digital asset class, price swings and adoption were driven primarily by retail speculation and loads of empty promises. Virtually no institutions were entering the space in the first few cycles. People just wanted an opportunity to get rich. With an asset class as nascent as crypto, early adopters have made life-changing profits off the rush of an influx of new speculators. Bitcoin halvings influenced the price much more than it does now as supply crunches made a much greater impact on a space with less liquidity.

I think market analyst Benjamin Cowen’s analysis of lengthening market cycles proves this point.

As highlighted by Benjie Thomas, Canadian Managing Partner, Advisory Services, KPMG Canada:

Cryptoassets are a maturing asset class…Investors such as hedge funds and family offices to large insurers and pension funds are increasingly gaining exposure to crypto assets. Traditional financial services such as banks, financial advisors, and brokerages are exploring offering products and services involving crypto assets. 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.”

As the asset class has matured and liquidity has poured in, big-name companies like KPMG are now finding themselves in the same shoes as that once-wishful Max Keiser who stumbled upon Bitcoin when it was trading below $1. Institutions are waking up the opportunity of crypto, NFTs, and the metaverse, and they don’t intend on going anywhere for the next few years, according to Kareem Sadek, advisory partner, crypto assets, and blockchain services co-leader, KPMG in Canada.

“We’ve invested in a strong crypto assets practice, and we will continue 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 areas in the years to come.”

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Whether KMPG finds success in its future bets is anyone’s guess, but the dynamic demonstrated here speaks for hundreds, if not, thousands of institutions all tuning into the space: big companies like profits, and they’re going to put their money where they see the highest potential for a return.

Crypto is here and has proven that there’s no greater place to find that return, and while the risk is there, companies and individual investors have already been walking further and further down the risk curve as inflation drives people towards faster-appreciating assets like tech stocks, Bitcoin, and crypto.

The post BREAKING: Corporate Giant KMPG Adds Bitcoin And Ethereum To Balance Sheet appeared first on CryptosRus.