While the landscape for blockchain is still in its infancy, its potential has led the world’s leading accounting firms to explore ways to implement the emerging technology in their work. The latest is Ernst & Young LLP which has acquired certain technology assets and patents to boost its services for crypto assets.
Accounting services firm has purchased the Andy Crypto-Asset Accounting and Tax (CAAT) tool from the US-based startup Elevated Consciousness, Inc. The solution connects with multiple cryptocurrency exchanges and wallets, allowing for better visibility into cryptocurrency transactions.
Meanwhile, the pro-crypto push may not only aim to lower transaction costs for its advisory services but seems part of a wider strategy to promote the developments of digital products.
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Ernst & Young is one of the famed Big Four tax and accounting companies in the world, which also includes Deloitte, PwC, and KPMG, all of which generate yearly revenues of over $20 billion. The company was the first to begin accepting Bitcoin as a payment method, and PricewaterhouseCoopers has shortly joined it. Also, other professional services providers have been eyeing this trend for quite some time as Bitcoin, and other established cryptocurrencies have now been more broadly accepted as forms of settlement.
Blockchain Analyzer portfolio
One of the very recent and interesting announcements has been the partnership of EY with Microsoft to launch a blockchain platform that will keep track of collecting and disbursing royalty payments for software developers, musicians, authors, and other creatives and copyright owners.
Paul Brody, EY’s global innovation leader, commented: “This acquisition is another element in building out a portfolio of blockchain and cryptocurrency solutions across our businesses. Tax strategy, planning, and execution will be a key part of everything we build across our solutions, from supply chain management to software licensing solutions. We plan to integrate the CAAT tool into our Blockchain Analyzer portfolio to develop one of the industry’s broadest sets of technology and process services in tax and assurance.”