Ernst & Young recently entered the cryptocurrency investment industry. It recently acquired a Silicon Valley based startup. The startup was named Elevated Consciousness. It acquired the company to help the clients with their cryptocurrency investments. It is the software which goes by the name of Crypto Assets Accounting and Tax. This means that it will be able to provide taxation solutions to its clients which are investing in cryptocurrencies. This indicates that it is trying to target the high net worth individuals as well as other individuals who are trading in cryptocurrencies. With the help of this software, it will become easier for the company to tap into the cryptocurrency market.
Traditional financial institutions are acquiring cryptocurrency software:
Many of the traditional financial companies are not just acquiring the cryptocurrency based software but also companies as well. PricewaterhouseCoopers also recently announced that it is buying a stake in Tron.
On the other hand, Goldman Sachs has also invested in Circle. This clearly indicates that many of the traditional finance companies are also trying to venture into the cryptocurrency field.
Citigroup, as well as Barclays, are also creating a blockchain-based App Store. This will ensure that many of the developers are able to launch their own blockchain-based applications as well. This is a clear indication that the traditional financial companies are also venturing into the blockchain field. If indeed, they are able to do so, the competition in the blockchain field will go on increasing.
The opportunity is huge for the traditional financial companies. That is why they cannot just afford to ignore the blockchain space or the blockchain app development space. With more and more innovative solutions coming up on the blockchain space, it will be very difficult for the companies to ignore the space. The venue is also growing at a brisk pace in the blockchain space.
The number of individuals who are investing in blockchain technology is also growing at a consistent speed. This is another reason why many of the traditional companies are looking to explore this space as well.
With the traditional financial companies moving towards the blockchain space, the competition for the start-ups is certainly heating up. That is why; the start-ups will not be able to grow at the same pace as they were growing earlier. They will have to provide better solutions for their customers in order to grow their business.
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