Ernst and Young Acquires Crypto Asset Accounting Tool

Bob Coiney

July 25, 2018

Ernst & Young has recently acquired a number of technological assets and their respective patents from Elevated Consciousness Inc., a startup actively working on developing new solutions for the crypto asset industry.

EY is Determined to Implement Blockchain Technology in Any Way They Can

This is not the first time the accounting firm has taken steps to make blockchain technology a part of its services. EY announced earlier this year it would be using the SophiaTX blockchain platform for automotive supply chain management, in collaboration with Equidato, a technology company.

Now it seems EY is ready to take a step further and develop blockchain solutions by itself — even though these weren’t initially theirs, to begin with. The most notable tool EY got in the acquisition was the Andy Crypto-Asset Accounting and Tax (CAAT).

The CAAT tool development team was led by VJ Anma, Elevated Consciousness’s CEO. Reportedly, Anma built the tool based off of his experience working as a cryptocurrency fund manager.

The CAAT Tool Links Up All Your Wallet Transactions and Funds in One Place

CAAT establishes a connection with several cryptocurrency wallets and exchanges which allow the user to be in complete control over their assets. With this tool, you can check all your transactions in one place, eliminating the need to switch between wallet addresses continually.

Kate Barton, EY’s Global Vice Chair of Tax Services, sees the acquisition of this tool as a deciding factor in establishing the company as a leader among crypto asset management firms.

The acquisition was led by the EY Americas Tax Innovation Foundry, a group responsible for creating new businesses which allow EY firms to offer the latest in technological services.

EY Global Innovation Leader, Paul Brody, shared,

“This acquisition is another element in building out a portfolio of blockchain and cryptocurrency solutions across our businesses. 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.”

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