EY buys into blockchain for an Elevated Consciousness
EY has acquired certain technology assets and related patents from Elevated Consciousness, a Californian start-up developing solutions for the crypto-asset ecosystem.
These acquisitions include the Andy Crypto-Asset Accounting and Tax (CAAT) tool, which connects with multiple cryptocurrency exchanges and wallets, allowing for transparency on cryptocurrency transactions and inventory.
The acquisition is part of EY strategy to expand blockchain-related capabilities and services worldwide.
“Cryptocurrencies and blockchain are transformational forces with a strong potential to fundamentally change the way business is done,” says Kate Barton, EY global vice-chair – tax services.
The company states “the momentum” of the EY Americas Tax Innovation Foundry, a group securing tech solutions for EY member firms in the Americas.
Paul Brody, EY global innovation leader in blockchain, says the company plans to integrate the CAAT tool into its Blockchain Analyzer portfolio to “develop one of the industry’s broadest sets of technology and process services in tax and assurance”.
The CAAT tool was developed by a team led by CEO, VJ Anma, who developed the platform based on his experience as a cryptocurrency fund manager.
EY says that it has seen a consensus among the asset management community that crypto-assets are a viable asset class from an investment standpoint.
Anma says that its tech is receiving much attention from numerous firms, but EY’s position made it prioritise it over the rest.
EY’s forages around blockchain tech are no news, and they have been going on since last year.
