EY’s blockchain tool courts Fidelity amid crypto market skepticism

EY’s Reconciler tool will assist Fidelity in improving its internal risk management for digital assets, the companies revealed Monday

by Sebastian Sinclair /

October 17, 2023 10:07 am

The Bold Bureau/Shutterstock modified by Blockworks

In an effort to navigate the increasingly complex regulatory landscape of the digital asset market, EY announced Monday the rollout of the fourth generation of its EY blockchain analytics tool.

Fidelity Digital Assets, a branch of Fidelity Investments, has become the first enterprise client to leverage the tech, available via EY Blockchain’s Software as a service platform.

The web-based analytics tool, used by the company’s audit team since 2018, is designed to assist organizations in internal risk management by offering third-party on-chain data queries and wallet address derivations.

Newsletter

Subscribe to Blockworks Daily

Reconciler currently supports a range of blockchains, including Bitcoin, Litecoin, Bitcoin Cash, Ethereum, and Ethereum Classic. Additionally, it provides support for various ERC-20 tokens such as BAT, DAI, MKR, KNC, ZRX, LINK, CV, and MANA.

EY is positioning the move as an advancement in risk management for digital asset platforms and comes amid a backdrop of increasing regulatory scrutiny and skepticism about the security and transparency of the crypto industry.

EY’s suit of blockchain tools, which has gone through various iterations over its six-year history, plans to add further support for additional blockchains “based on client demand.”

Support for xpub address derivation, block explorers and staking analytics will also be made available sometime in the future, EY said.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Newsletter

Blockworks Daily

Upcoming Events

Digital Asset Summit 2025

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

learn more

recent research

Research

Analyst Takes: Post-Election Insights

With the recent election, it’s clear that there will be a meaningful shift in crypto regulations and legislation. Trump is likely as pro-crypto as a president can be. He launched (multiple) of his own NFT collections and is launching an Aave wrapper called World Liberty Fi. He has also spoken out and mentioned that he wants to make the United States "the crypto capital of the planet" and transform it into the "Bitcoin superpower of the world". He proposed creating a strategic national Bitcoin stockpile alongside support from Senator Cynthia Lummis, promising to retain 100% of all Bitcoin held by the U.S. government. More importantly, we’re likely to see deregulation across the board in a lot of industries, with crypto being one of them - as Trump has committed to keeping the crypto market largely unregulated. Crypto, DeFi in particular, has historically been knee-capped by overreaching and hostile governmental agencies and regulation by enforcement, as evidenced by the plethora of Wells notices and lawsuits over the past few years. With Donald Trump winning the presidency, Republicans taking control of the Senate, and being on the verge of securing the House, we think it’s likely that crypto realizes positive regulatory clarity. Below, you can find our analysts’ takes:

by Boccaccio