New Major Player Holding Crypto in Corporate Treasury
This is big!!! KPMG, a few hours ago, announced that it had bought Bitcoin & Ethereum to hold as part of its corporate treasury (ie to sit on the balance sheet as part of their asset diversification strategy).
To date the only major players holding crypto in corporate treasury have been Tesla, Block and MicroStrategy.
I have been rabbiting on for a while that companies would start to hold more crypto in corporate treasury but never did I think it would be one of the Big4 to lead the way. They used the Winkelvoss’ Gemini platform for execution & custody.
Interestingly PWC just bought a plot of virtual land in TheSandBox metaverse.
Every organisation needs a #web3 strategy
Here is a quote from the Canadian Managing Partner of KPMG “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 cryptoassets, and traditional financial services such 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 continue to grow and become a regular part of the asset mix,”