Ernst & Young Announces Fidelity’s Adoption of Blockchain Analytic Tool
‘Big Four’ accounting firm Ernst & Young (EY) revealed that Fidelity Digital Assets, the digital asset arm of Fidelity Investments, has implemented EY’s latest blockchain analytic tool. Known as EY Blockchain Analyzer: Reconciler, this tool is accessible through EY Blockchain’s Software as a Service (SaaS) platform. It is considered a “fourth generation” product that allows organizations to independently analyze on-chain data to enhance their internal risk management protocols.
Enhancing Risk Management and Operational Excellence
EY Global Blockchain Chief, Paul Brody, emphasizes the importance of robust internal risk management and operational excellence for cryptocurrency platforms in order to build trust among investors and regulators. Fidelity’s decision to adopt EY’s blockchain tool reflects the company’s commitment to address these concerns.
“EY teams are excited that Fidelity Digital Assets has selected EY Blockchain Analyzer: Reconciler to help them improve their internal risk management. The tool will provide an easy-to-use, web-based interface that allows their operations teams to query on-chain data for cryptocurrency data-related workflows.”
Key Features and Benefits
Fidelity will leverage the capabilities of EY’s blockchain tool, including analytical dashboards that identify transaction mismatches, wallet address balances, and digital signatures. This integration aims to meet the demands for stringent oversight in the digital assets market and reinforce Fidelity’s commitment to providing a secure and transparent trading environment for its customers.
Investment in Development
The development of EY Blockchain Analyzer: Reconciler was a six-year, multimillion-dollar investment by EY. Currently, the tool supports Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic, and Dogecoin blockchains. EY plans to expand its support for additional chains based on client demand and to meet evolving client needs.
Hot Take: Fidelity’s Adoption of EY’s Blockchain Tool Bolsters Trust in Digital Assets
Fidelity Digital Assets’ decision to adopt EY’s latest blockchain analytic tool demonstrates the company’s commitment to addressing internal risk management and operational excellence. By leveraging EY’s technology, Fidelity aims to provide a secure and transparent trading environment for its customers. This partnership highlights the growing need for robust oversight in the digital assets market and reinforces the importance of trust among investors and regulators.
By
By
By
By
By