Ernst & Young Acquires Assets To Expand Blockchain-Related Capabilities

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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

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