Crypto Crash, A “Necessary Evil” For Maturity, Says KPMG Canada

KPMG Canada’s Director of Digital Assets believes the recent crypto decline is necessary if the sector will mature properly.

Kunal Bhasin of KPMG Canada has offered some insight into the recent slump in the crypto sector. In a statement at the Blockchain Futurist Conference in Toronto, the Director opined that the current crypto winter could just be what the market needs.

Bhasin added that this year’s market struggle is just the market correcting itself. According to Bhasin, before the Terra Luna collapse, the market was rife with unnecessary risks, bad actors, and overleveraging.

However, Bhasin believes that the crash would ensure the maturity of the cryptocurrency industry. The KPMG director cited the 2017 Great Bubble and the resulting corrective infrastructure that came from it, as a reference to prove his point. He opined that security and crypto structures have significantly evolved since 2018’s massive crash.

We saw the level of maturity that the space got after the 2018 cycle and the infrastructure that was built to address all of the challenges. The maturity of the crypto custodian infrastructure, crypto wallets, and how we interact with it. We’ve seen tremendous improvement over the last three years. And that’s what I expect coming out of this.”

As such, the director does not expect this recent crash to be any different.

KPMG’s Stake in the Crypto Industry

Kunal Bhasin further shared some moves the accounting giant made in recent times to integrate crypto into its treasury. KPMG Canada, albeit a little surprisingly, incorporated Ethereum (ETH) and Bitcoin (BTC) in its corporate treasury earlier in the year. Not long afterward, KPMG acquired a World of Women (WoW) NFT, a world acclaimed Digital asset celebrating women.

Subsequently, Bhasin noted that the firm wishes the crypto industry involved more women. 

I feel the crypto industry could use a lot of that majority and sensibility that comes with a lot more women in the space and how they could contribute,” Bhasin concluded.

The Canadian firm continues to hold crypto assets despite the shaking the crypto market has experienced since then. Bhasin explained that all these actions were to show that KPMG also has some stake in the fate of crypto. 

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Finally, The KPMG director revealed that KPMG would be keeping a close eye on the Ethereum Merge slated to take place this September. The firm prioritizes ESG compliance and sustainability, which makes the Merge well worth scrutiny. This is because it will transfer Ethereum from the energy-intensive PoW mechanism to PoS, reducing emissions by 99%.

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