Consulting arm of KPMG Kuwait accepts its first payment in Bitcoin

KPMG Kuwait has accepted its first engagement in bitcoins. KPMG’s Digital Consulting Services group provides a range of services focused on new technology including Digital Customer Experience, Data and Analytics, Robotic Process Automation, and BlockChain technology which enables cryptocurrencies to function.

Global professional services giant KPMG has announced that its office in Kuwait will now accept bitcoin payments in return for a number of services. The Big Four firm currently provides audit, tax, and advisory services in the Middle East region, while the firm’s Digital Consulting Services Group provides a range of services focused on new technology including digital customer experience, data and analytics, robotic process automation, and BlockChain technology, which enables cryptocurrencies to function.

Cryptocurrencies have become increasingly popular among the major professional services world in recent months, with KPMG being the third member of the Big Four to accept bitcoin. EY Switzerland was believed to be the first advisory firm in the world to accept the currency in its Swiss banking office, even installing a bitcoin ATM in its facilities in the European nation. The firm was swiftly followed by competitors PwC, who began accepting bitcoin payments in their Hong Kong practice.

Bitcoin’s actual value remains in a tumultuous state of flux, but generally seems to be increasing, following a staggering recent price rise to another all-time high of almost $18,000 on the Bitstamp exchange on 15th December. The cryptocurrency’s worth clambered upward by almost 80% in December alone, putting it on track for its best month in percentage terms since December 2013 – and leaving it a hot-topic for many investors at the turn of the year.

KPMG’s Kuwaiti office took its first payment in the topical currency from ‘Yallabit.com’, a cryptocurrency enabled customer and online bitcoin trading platform. The client is typical of a new generation of creative local business enterprises who are making use of new technology to differentiate themselves in the market. By beginning to accept the currency, KPMG believes it has demonstrated its commitment to assisting local entrepreneurs through various customised solutions.

“KPMG is a customer-centric organisation that seeks to adopt solutions that match the evolving business models of our clients,” said Donald Teale, Head of Management Consulting at KPMG.