KPMG forays into the metaverse with $30m Web 3.0 fund

The move will be the ‘next step’ for KPMG's community to explore Web 3.0 opportunities

KPMG New York headquarters                                 
The metaverse collaboration hub will be available between KPMG’s US and Canadian offices – Photo: Shutterstock

KPMG has made its foray into the metaverse by announcing the launch of its metaverse collaboration hub for its US and Canadian offices. It means employees, clients and communities will be able to connect virtually to explore opportunities for growth across different industries.

Highlighting the hub as the ‘next step’ for its community to explore Web 3.0 opportunities and metaverse strategies, KPMG is said to be making a $30m investment in Web 3.0 this year, according to a Fortune.  

Laura Newinski, chief operating officer at KPMG US, said the move was a way to “re-engage talent and connect people across the globe through a new collaborative experience”.

“The unique experience provided by our collaboration hub will tap the creativity and passion of our people and clients to accelerate innovation,” added Newinski.

Metaverse a ‘$13trn market opportunity’

KPMG joins a myriad of businesses looking to disrupt within the metaverse and gain exposure in a whole new dimension of user experience and collaboration. The metaverse, which represents a $13trn market opportunity, could see as many as five billion users by 2030.

Earlier this year, KPMG in Canada announced that it has added Ethereum and Bitcoin to its corporate treasury as part of its commitment to digital assets and emerging technologies. It also announced that it has acquired a World of Women non-fungible token (NFT).

KPMG US, on the other hand, has integrated NFT experiences and crypto training courses into its onboarding processes for new joiners.

Elio Luongo, chief executive officer and senior partner at KPMG Canada, said: “Launching a collaborative space in the metaverse is a natural evolution in our journey as an innovation-driven firm.

“The world has changed drastically over the last few years, and our people and clients are interested in exploring new ways of working. This offers them a new immersive space to exchange ideas.”

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