EY Partners with Fidelity Digital Assets to Enhance Risk Management with Blockchain Analytics
EY, a leading global accounting firm, has announced that Fidelity Digital Assets will be the first enterprise client to utilize its new web-based blockchain analytics tool. The tool, known as “EY Blockchain Analyzer: Reconciler,” allows organizations to independently source and query on-chain data to improve their internal risk management procedures. EY’s global blockchain lead, Paul Brody, emphasized the importance of operational excellence and robust risk management in the rapidly growing digital assets marketplace.
Multi-Million Dollar Investment Yields Results
EY has been using earlier versions of the blockchain analytics tool for audit procedures since 2018. After six years of development and a significant investment, the fourth generation tool is now available for broader enterprise use. Fidelity Digital Assets, a subsidiary of Fidelity Investments focused on institutional adoption of digital assets, will leverage the tool’s features such as analytical dashboards highlighting transaction inaccuracies, wallet address balances, and digital signatures.
Enhanced Risk Management for a Secure Trading Environment
Fidelity Digital Assets COO Michael O’Reilly expressed satisfaction with incorporating EY’s analyzer tool into their risk management processes. He highlighted the need for stringent oversight in the digital assets market and how this technology reinforces their commitment to providing a secure and transparent trading environment for customers.
Expanding Blockchain Support and Features
EY currently supports several blockchains, including Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic, and Dogecoin. The firm plans to expand support for additional chains based on client demand. They are also working on incorporating features such as address derivation, block explorers, and staking into their blockchain analytics platform.
Hot Take: Strengthening Risk Management in the Digital Assets Market
EY’s partnership with Fidelity Digital Assets to enhance risk management through blockchain analytics demonstrates the increasing importance of robust internal procedures in the digital assets market. As the market continues to grow rapidly, platforms must prioritize operational excellence and instill trust among investors and regulators. By leveraging EY’s web-based analyzer tool, Fidelity Digital Assets aims to reinforce its commitment to providing a secure and transparent trading environment for its customers. This collaboration highlights the potential of blockchain technology to revolutionize risk management practices in the financial industry.
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