One of the “big four” international accounting firms, EY, announced that Fidelity Digital Assets will be the first business client to use its web-based, on-chain analytics tool, which is made available through the SaaS platform of EY Blockchain.
According to a release, the fourth generation tool known as “EY Blockchain Analyzer: Reconciler” is made to assist enterprises in independently locating and analyzing on-chain data to supplement their own risk management processes.
“As the global digital assets marketplace continues to grow rapidly, addressing operational excellence and robust internal risk management is paramount for cryptocurrency platforms to gain a competitive edge and instill trust among investors and regulators,” Paul Brody, EY Global blockchain lead, said.
Millions of Dollars Invested
In order to reconcile clients’ off-chain records with on-chain data, EY audit teams have been using earlier iterations of the dashboard for audit procedures since 2018. The technology has been developed over six years as part of a multi-million dollar commitment, and is now open for wider industry usage.
Fidelity Digital Assets, a division of Fidelity Investments that develops products and services for the institutional adoption of digital assets, will use a subset of the tool’s functionality. According to the declaration, this includes analytical dashboards that identify transaction errors, wallet address balances, and digital signatures.
Fidelity Digital Assets COO Michael O’Reilly remarked,
“We are thrilled to employ the EY organization’s industry-leading, web-based analyzer tool to augment our internal risk management procedures. “The digital assets market demands stringent oversight, and by incorporating this technology for extracting data from the public blockchain for internal risk management processes, we continue to reinforce our commitment to providing a secure and transparent trading environment for our customers.”
EY now supports the blockchains of Dogecoin, Ethereum, Ethereum Classic, Bitcoin Cash, Litecoin, and Bitcoin. In response to customer demand, it is also aiming to introduce support for multiple chains and other features including address derivation, block explorers, and staking.
