Big Four Firm KPMG Enters Metaverse & Sets Up $30M web3 Investment

Key Insights:

• The hub will be opened jointly by KPMG US and Canada.
• KPMG looks at the Metaverse and Web3 as the ‘next iteration of the internet’.
• Back in February, KPMG Canada made its first direct crypto investment in BTC and ETH.

Web3 and Metaverse have become a point of focus for many companies both affiliated with crypto as well as those belonging to the mainstream industries.

In line with the same, one of the Big Four Accounting firms, KPMG, has decided to step into the virtual world.

KPMG and Metaverse

In a press release a few days ago, the company announced the opening of its first Metaverse” Collaboration Hub,” launched jointly by its US and Canada arms.

This is their fourth major undertaking concerning web3, and the company intends on further expanding on the same going forward.

In line with the announcement, the Leader of KPMG US’ Enterprise Innovation, Cliff Justice, stated,

“The metaverse and Web 3.0 represent the next generation of the internet and will reshape the way businesses and consumers engage, transact, socialize and work. Business leaders are looking to move quickly past exploratory phases and deploy solutions to train employees, engage customers and extend their brand in this new market.”

Not only this, but the company will also be making a $30 million investment in web3 experiences this year, and the Metaverse Collaboration Hub will be its signature piece.

KPMG in the Past

The accounting firm’s affiliation with crypto has enabled it to integrate core features of the crypto space, making it viable in this industry.

As reported by FXEmpire back in February, KPMG’s Canada arm allocated crypto assets to its treasury, particularly Bitcoin and Ethereum, making the instance the first direct crypto investment by the firm.

Additionally, the US arm has also integrated the NFT experience and crypto training into onboarding for its new professionals.

The company’s deeper foray into the crypto industry comes at a time when many mainstream companies, including media and entertainment, as well as sports-affiliated organizations, are also entering the space.

Despite this increased demand, the market continues to struggle to retrace its steps towards the $1 trillion mark, and by the looks of it, it will take some more time to do so.