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