Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

KPMG survey reveals significant uptick in institutional adoption of crypto in Canada

Share This Post

The Canadian financial sector witnessed a significant uptick in crypto adoption in 2023, according to a recent survey by KPMG in Canada.

Financial firms offering crypto products and services increased by 22% from 2021, while institutional investors incorporating crypto into their portfolios rose by 26% during the same period.

Resurgence

Financial Services: 50% of respondents now provide at least one type of cryptoasset service, increasing from 41% in 2021. Crypto trading, custody, clearing, and settlement services saw substantial growth, with 52% of firms now offering trading services, up from none reported in the previous survey.

Meanwhile, 39% reported either direct or indirect exposure to crypto, marking an increase from 31% in 2021. Notably, direct ownership of digital assets has more than doubled, with 75% of investors now holding these assets compared to 29% two years ago.

Kunal Bhasin, partner and co-leader of KPMG in Canada’s Digital Assets practice, remarked,:

“After the setbacks in previous years, including market instability and high-profile frauds, 2023 has emerged as a year of strong recovery and confidence in cryptoassets. The growing US debt and inflation have driven investors towards cryptocurrencies as a protective hedge and a dependable store of value.”

Kareem Sadek, Emerging Technology Risk leader and co-leader of the practice, cited regulatory advancements as a key driver of the resurgence. He said:

“Canada has established itself as a frontrunner in the crypto market by approving the first Bitcoin and Ethereum ETFs and by supporting innovative strategies like derivatives and Ethereum staking.”

Outlook

The survey also highlighted a shift towards more diversified investment strategies in the financial services sector. The average number of services offered per firm increased to two or three from one to two in 2021.

The expansion is largely driven by rising client demand for crypto services, which now influences 80% of financial services firms — up from 50% two years ago. Institutional investors are diversifying their portfolios further, with one-third now allocating at least 10% to crypto, up from one-fifth in 2021.

The maturation of the market and enhanced custody solutions have encouraged 67% of investors to initiate their first crypto investments, a significant rise from 14% in the previous survey.

According to Sadek, the approval of an Ethereum ETF will continue to drive institutional interest and investment in 2024. He said:

“The recent approval of spot Bitcoin ETFs by the US SEC in January 2024 marked a pivotal moment for the industry, attracting established asset managers to the sector.”

The post KPMG survey reveals significant uptick in institutional adoption of crypto in Canada appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Square To Accept Bitcoin By 2026—Jack Dorsey’s Crypto Dream Lives On

Jack Dorsey’s financial services company Block is set to let shops take bitcoin right at the cash register It’s a new twist on how you pay, and it might change small businesses’ options Related

Vance Declares Biden’s Crypto Crackdown Is Over, Champions Bitcoin at Las Vegas Conference

Vice President JD Vance declared the end of “Operation Chokepoint 20” and pledged unwavering support for digital assets during his address at the Bitcoin 2025 conference in Las Vegas Crypto ‘Is

Cactus Custody and Chorus One Partner to Unlock the Future of Institutional Ethereum Staking 

The post Cactus Custody and Chorus One Partner to Unlock the Future of Institutional Ethereum Staking  appeared first on Coinpedia Fintech News Institutional interest in blockchain technology

Publicly Traded Bitcoin Miners Slide as Sector Sees Broad Losses

Bitcoin mining stocks experienced widespread declines Wednesday, with most major publicly traded firms in the sector in the red Bitcoin Mining Stocks See Red Across the Board Galaxy Digital Holdings,

5 Altcoins to Watch for 100% in Profits by June 2025

The post 5 Altcoins to Watch for 100% in Profits by June 2025 appeared first on Coinpedia Fintech News Dramatic upswings are nothing new to the cryptocurrency market, particularly when the

Trump Backs Bill To Buy 1 Million Bitcoin — Lummis Reveals When

The opening day of the Bitcoin 2025 conference delivered an unmistakable political signal: President Donald Trump has thrown his weight behind legislation that would require the United States to
You have not selected any currencies to display