Ernst & Young has acquired 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. Speaking on the matter, Michael Meisler, a partner at the company said:
CAAT will allow us to help clients investing in crypto-assets, both in the fund space and beyond.
It’s also noteworthy that the leader of the Foundry also hinted for an increased interest in cryptocurrencies on behalf of the company’s clients:
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.
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 payments from its clients.