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
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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.
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.
Read more: Privacy and public transparency: Can a DEX provide both?
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.
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