Ernst & Young Acquires Assets To Expand Blockchain-Related Capabilities

The assets in questions can enable seamless connection between multiple cryptocurrency exchanges and wallets thereby allowing better visibility when it comes to transactions and inventory. The acquisition should cement Ernst & Young position when it comes to cryptocurrency accounting and tax.

Ernst & Young LLP plans to integrate the acquired tools into its Blockchain Analyzer portfolio, a suite that currently hosts blockchain and cryptocurrency transactions audit technologies. A team led by CEO, VJ Anma and combines innovative technology capable of meeting ever-changing requirements, originally developed the CAAT tool.

Ernst & Young is in the process of building out a supply chain management software solutions based on blockchain technology as part of the latest push.

“Cryptocurrencies and blockchain are transformational forces with a strong potential to fundamentally change the way business is done,” said Kate Barton, EY’s global vice chair of tax services. “CAAT positions us as a leader in serving a variety of companies adopting crypto-assets in an evolving regulatory environment.”

EY America’s Tax Innovation Foundry led the acquisition of the cryptocurrency accounting tools as part of a strategy that seeks to position the firm as a leader when it comes to cryptocurrency accounting and tax. EY Americas has since embarked on a process to build a new business that will allow its member firms to offer an array of digital technology to clients.

A number of firms are interested in technologies around cryptocurrencies and blockchain, presenting a unique market opportunity that Ernst & Young hopes to take advantage of. The company plans to use the acquired tools it builds out a portfolio of blockchain and cryptocurrency solutions to service the growing demand