Major accounting and advisory firm Ernst & Young has acquired cryptocurrency investment management software from Silicon Valley startup Elevated Consciousness, according to a press release.
The CAAT tool will enable EY to extend its services into the growing blockchain and cryptocurrency sectors.
"This acquisition is another element in building out a portfolio of blockchain and cryptocurrency solutions across our businesses. We plan to integrate the CAAT tool into our Blockchain Analyzer portfolio to develop one of the industry's broadest sets of technology and process services in tax and assurance."
Based in San Francisco, Elevated Consciousness is a cryptocurrency technology startup led by CEO VJ Anma, a former cryptocurrency fund manager.
The startup's software integrates investment management functionality with regulatory adaptability to fit a shifting industry environment.
"Numerous firms are interested in technology around cryptocurrencies like CAAT, but the unparalleled entrepreneurial know-how and experience that the Foundry offers is what attracted us to the EY organization. My team and I are excited to support EY as the technology is taken to the next level."
Earlier this month, Goldman Sachs revealed potential plans to expand their cryptocurrency investment services with the launch of a custodial solution.
The custodial service means Goldman Sachs would hold cryptocurrencies on behalf of funds, providing a safeguard for client capital from hacking and cybertheft.
If enacted, Goldman Sachs would become the first major investment bank to back cryptocurrency funds-potentially drawing an influx of institutional capital to the sector.
According to Bloomberg, the launch of a custody operation could lead to further institutional solutions for cryptocurrency investment, such as prime-brokerage services.
Ernst & Young Acquires Cryptocurrency Investment Software
Publicado en Aug 25, 2018
by Cryptoslate | Publicado en Coinage
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