EY acquires Crypto-based Technology company called CAAT

Ernst & Young(EY), a popular accounting firm made a recent announcement about the acquisition of crypto-based technology company called Crypto-Asset Accounting and Tax (CAAT).

It is evident that more and more companies are showing interest in blockchain technology nowadays and in pursuit to enhance their strengths in blockchain field, the firm has bought technology assets and patents from the start-up, Elevated Consciousness.

CAAT is a technology tool which aids in connecting crypto exchanges and wallets and thereby facilitating a transparent way of cryptocurrency transactions. The tool was developed by the team led by VJ Anma with a group of entrepreneurs.

Earlier in the month of April, the company spoke about the pilot project EY Blockchain Analyser. Now following the same news Paul Brody Global innovation leader of Blockchain at the firm confirmed about integrating CAAT tool into the Blockchain Analyzer.

“We plan to integrate the CAAT tool into our blockchain analyser portfolio to develop one of the industry’s broadest sets of technology and process services in tax and assurance”

Indeed, he emphasized on the Tax strategy, planning, and execution to be a crucial part of the organization. Hence this tool will be used to build various solutions spanning from supply chain management to software licensing solutions.

Also, the Kate Barton, Global vice chair of EY’s tax services, quoted that decentralized technology will eventually become ‘transformation forces’ and further elaborated that,

“CAAT positions us as a leader in serving a variety of companies adopting crypto-assets in an evolving regulatory environment“

This certainly is a great shift for Big Four company from the technology perspective and decentralized technology soon to become a driving force of this industry sector.

What do you think of blockchain adoption by EY? Share your thoughts in the comment section below