With various conglomerate entities utilizes cryptocurrencies for the past years, it depicts how the new economic trends has empowered the traditional market.
In fact, cryptocurrencies are continuing to break new grounds within traditional finances. An increasing number of major firms continue to explore digital currency investment software.
Ernst & Young has bought a software developed by a Silicon Valley-based startup called Elevated Consciousness in order to manage investments executed in cryptocurrencies.
The software in question is called Crypto-Asset Accounting and Tax (CAAT).
It was bought by Ernst & Young’s Americas Tax Innovation Foundry with the intention to facilitate their clients in investing in crypto assets.
According to one of the company’s investor, Michael Meisler, it will help the entity to developed various market spaces.
“CAAT will allow us to help clients investing in crypto-assets, both in the fund space and beyond,” the company partner said.
“I look forward to all the opportunities in tax and accounting that this technology will afford our clients and professionals in such a dynamic and exciting market,” quoting a leader of Foundry.
It can be remembered that Ernst & Young is not the first major company to express interest in digital currencies. In 2017, one of the Big Four accounting firms, PricewaterhouseCoopers (PwC), announced that it would accept Bitcoin $6563.90 +0.04% payments from its clients.
Goldman Sachs – one of the world’s largest investment banks, recently reiterated its plans to roll out a cryptocurrency custody solution so that it could manage Bitcoin for its clients.
A custody solution coming from a recognized name is something that would potentially attract more institutional money into the market, according to prominent investor Mike Novogratz.
Earlier this month Bitcoinist reported that nine banking giants, including Citigroup and Barclays, are taking part in an app store trial for programs which are based on blockchain technology.