EY Is Polishing Its Strategy Through The Acquisition Of Cryptocurrency Tech In Preparation For Institutional Investors
EY has announced that it has acquired a cryptocurrency accounting and regulatory compliance technology asset called Andy Crypto-Asset Accounting and Tax (CAAT) to expand its strategy in blockchain technology.
CAAT was created by a San Francisco-based startup called Elevated Consciousness with the aim of connecting multiple cryptocurrency wallets and exchanges while also enhancing the visibility of cryptocurrency transactions. EY confirmed that its acquisition of CAAT will allow it to expand its blockchain strategy while also allowing it to become a global leader in cryptocurrency tax and accounting.
“This acquisition is another element in building out a portfolio of blockchain and cryptocurrency solutions across our businesses,” stated Paul Brody, the head of the global innovation division at EY.
Brody also revealed that planning, tax strategy, and execution will play a significant role in every solution that the company creates whether in software licensing supply chain management. EY also plans to add the CAAT tool into its blockchain analyzer portfolio and this will help the firm to come up with the largest set of process and technology services in assurance and tax.
Kate Barton, the global vice president of tax services at EY stated that the company views blockchain and cryptocurrencies as transformational forces that have the potential to change how business is conducted. She also pointed out that the acquisition of CAAT will make EY a global leader in the provision of services that will help many companies that are adopting cryptocurrencies within a changing regulatory environment.
EY wants to use its ventures to demonstrate its innovation and the said ventures are provided by the Americas Tax Innovation Foundry. The latter creates new businesses that allow firms that are part of EY in America to offer new digital solutions to their clients.
According to Chirag Patel, the head of the Americas Tax Innovation Foundry, EY’s acquisition of CAAT marks a significant step forward for the Foundry. This is with regards to their journey towards the launch of new digital businesses that can deliver growth and transformation for firms that are part of EY. Patel also added that the move will help generate unique value for EY’s customers.
VJ Anma led the team that created the CAAT tool and was initially based on the experience that Anmagained while managing a cryptocurrency fund.