EY’s Blockchain Analyzer Finds a Partner in Fidelity Digital Assets October 17, 2023 October 17, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsOctober 17, 2023 by Kelly Cromley

EY’s Blockchain Analyzer Finds a Partner in Fidelity Digital Assets

Ernst & YoungEY’s Cutting-Edge Solution

EY, a global leader in professional services, has unveiled a strategic collaboration with Fidelity Digital Assets, a subsidiary of Fidelity Investments. In this partnership, Fidelity Digital Assets will become the first enterprise to adopt EY’s fourth-generation Blockchain Analyzer: Reconciler. The innovative web-based analytics tool promises to significantly enhance the efficiency and effectiveness of Fidelity Digital Assets’ internal risk management processes.

Empowering Fidelity Digital Assets

Fidelity Digital Assets will harness a subset of the advanced capabilities offered by the EY Blockchain Analyzer: Reconciler. This tool equips Fidelity Digital Assets with the ability to access analytical dashboards, facilitating the identification of matches and mismatches in various aspects of their operations, including transactions, wallet address balances, and digital signatures.

A Six-Year Evolution

The journey to this partnership began in 2018 when EY audit teams first adopted a version of the web-based EY Blockchain Analyzer: Reconciler. This tool was instrumental in conducting audit procedures that involved reconciling clients’ off-chain financial records with on-chain data, ensuring transparency and accuracy.

Over the last six years, the EY Blockchain Analyzer suite has undergone significant developments, underpinned by a multimillion-dollar investment. As a testament to EY’s commitment to technological advancement, this suite of tools is now accessible to enterprises. EY is diligently following its roadmap, with engineering teams consistently working to enhance and extend support for blockchain data across multiple chains, based on client demand.

Elevating the Digital Assets Marketplace

Paul Brody, Global Blockchain Leader at EY, emphasized the critical role of operational excellence and robust internal risk management in the rapidly expanding global digital assets marketplace. He pointed out that these elements are essential for cryptocurrency platforms to gain a competitive edge and build trust among investors and regulatory bodies.

Mr. Brody expressed EY’s enthusiasm for the decision by Fidelity Digital Assets to adopt the Blockchain Analyzer: Reconciler. He highlighted that the tool offers an easy-to-use, web-based interface, which will empower Fidelity Digital Assets’ operations teams to query on-chain data, streamlining their cryptocurrency data-related workflows.

Fidelity Digital Assets’ Commitment

Michael O’Reilly, Chief Operating Officer of Fidelity Digital Assets, underlined the company’s dedication to stringent oversight in the digital assets market. By integrating EY’s cutting-edge technology, Fidelity Digital Assets aims to extract data from the public blockchain, fortifying their internal risk management processes. This strategic move is aligned with their commitment to providing a secure and transparent trading environment for their valued customers.

This partnership between EY and Fidelity Digital Assets marks a significant development in the digital asset sector, underscoring the importance of robust risk management and operational excellence in the fast-evolving world of cryptocurrency. As the digital asset marketplace continues its rapid expansion, such collaborations are poised to shape the future of the industry, setting new standards for security and trust.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.