Big 4 professional services firm, Ernst & Young has acquired the technology assets and related patents of Andy Crypto-Asset Accounting and Tax, a technology developed by a startup called Elevated Consciousness, Inc., that connects multiple cryptocurrency exchanges and wallets, allowing for better visibility into cryptocurrency transactions and inventory.
EY’s global innovation leader for blockchain technology, said the firm plans to integrate the tool into a suite of blockchain and cryptocurrency transaction audit technologies. The acquisition was sourced by the EY Americas Tax Innovation Foundry, a services and business accelerator launched in 2016 to further the next generation of tax services EY offers clients.
The Big 4 and financial services industry continue to position themselves to better serve the crypto currency industry, oftentimes acquiring and developing services to serve the cryptocurrency space. In May 2018, PwC purchased an interest in VeChain SEA, a blockchain service provider based in Singapore. Two years before in 2016, Deloitte installed a bitcoin ATM in its Toronto office expressing their belief in the importance of learning about the technology and getting used to it. According to Bloomberg, the Chartered Financial Analyst (CFA) examination has added cryptocurrency and blockchain to its curriculum for 2019.