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KPMG Establishing ‘Collaboration Hubs’ in the Metaverse

June 22, 2022, 11:00 AM

One of the big four global accounting firms is taking a big step into the metaverse, as KPMG US and KPMG Canada will host “collaboration hubs” in the space, incorporating cryptocurrency and nonfungible tokens in transactions.

“In my personal view, this is as big as the internet was in the 1990s,” Cliff Justice, KPMG’s US leader of Enterprise Innovation, said in an interview. He compared it to businesses realizing the internet’s communications potential beyond email.

KPMG’s collaboration hubs are part of a collective $30 million investment this year in Web3 experiences by the US and Canadian firms. The hubs will enable employees and clients to enter and conduct business, or work on projects together, with individuals represented as avatars. The hubs will be “built on a leading platform,” KPMG said: “We are agnostic to platforms and will operate across many.”

  • As KPMG develops its own guidelines and methods around cryptocurrency and NFT transactions in the metaverse, it will use that knowledge and experience to inform its consulting services for clients who are interested in entering the space, Justice said.
  • “For us, it’s really about making these investments early,” he said, noting that other KPMG businesses will eventually set up metaverse hubs.

To contact the reporter on this story: Richard Tzul at rtzul@bloombergindustry.com

To contact the editors responsible for this story: Jeff Harrington at jharrington@bloombergindustry.com; Alex Clearfield at aclearfield@bloombergindustry.com