KPMG in Canada has added an unknown amount of bitcoin and ether to its corporate balance sheet.

The company declined to disclose how much cryptocurrency it purchased, but Kunal Bhasin, co-head of blockchain at KPMG in Canada, said the company takes a “very cautious” approach to investments.

“This is just a portion of the investments we make overall as a business in crypto assets, including our services and capabilities,” Bhasin told MarketWatch in a phone interview.

KPMG provides its clients with services related to blockchain and digital assets, such as strategy realization and operations integration. “We believe in the long-term value of crypto assets,” Bhasin said. “We have advised many of our clients on how they should think about it. And it’s just us who put our skin in the game.

The audit, tax and advisory service provider will continue to build its capabilities in decentralized finance, metaverses and on-chain gaming, Bhasin added. “Our goal is really to enable institutional participation in Web 3.0.”, which refers to the next generation of the Internet, according to Bhasin.

As digital assets see more institutional adoption, financial service providers have increasingly engaged in the space. KPMG competitor Ernst & Young Global told MarketWatch last year that it was developing technology and designing programs for certain large banks and other key financial institutions to tokenize financial assets.

Meanwhile, companies such as electric vehicle maker Tesla TSLA,
-1.73%,
financial services company Block SQ,
-5.57%,
digital asset financial services company Galaxy Digital GLXY,
+6.43%
and Coinbase COIN crypto exchange,
+5.81%,
have added cryptocurrency to their balance sheets.

But it can be risky. BitcoinBTCUSD,
+0.13%
is down more than 36% from its all-time high in November, while ether ETHUSD,
+0.04%
down about 35% from its all-time high.

KPMG in Canada does not seem discouraged. “I think institutional adoption is going mainstream. We will also continue to see this volatility curve mature,” Bhasin said.