Fidelity Digital Assets has emerged as a trailblazer in adopting EY’s cutting-edge Blockchain Analyzer: Reconciler product, marking a groundbreaking collaboration through EY Blockchain’s SaaS platform. This strategic move underscores the dynamic evolution within the blockchain and digital assets landscape, with Fidelity poised to leverage the full potential of EY’s advanced analytics tool for on-chain data exploration, particularly in the realm of risk management.
EY Announces Fidelity Digital Assets as Premier Enterprise Client for “EY Blockchain Analyzer: Reconciler”
EY, a globally renowned “big four” accounting firm member, proudly announced Fidelity Digital Assets as its premier enterprise client for the latest generation tool, the “EY Blockchain Analyzer: Reconciler.” Positioned as a web-based analytics dashboard, this fourth-generation product is purpose-built to empower organizations by enabling autonomous sourcing and querying of on-chain data. The primary objective is to fortify internal risk management processes, addressing a critical need in the fast-paced and ever-expanding global digital assets marketplace.
Addressing Urgency: Paul Brody on Operational Excellence and Robust Risk Management
Paul Brody, EY Global Blockchain lead, emphasized the urgency of addressing operational excellence and robust risk management in the face of the rapid growth in the digital assets sector. Recognizing these imperatives as crucial for cryptocurrency platforms, Brody highlighted the importance of gaining a competitive edge and fostering trust among investors and regulators.
The journey to this milestone dates back to 2018 when early dashboard versions were introduced for EY audit teams. This innovation facilitated the reconciliation of clients’ off-chain records and on-chain data, laying the foundation for what is now the formidable “EY Blockchain Analyzer: Reconciler.” After six years of development, backed by a substantial multi-million dollar investment, the tool has transitioned from an internal audit tool to a robust solution available for broader enterprise applications.
Fidelity’s Strategic Utilization: Leveraging Analytical Dashboards for Enhanced Risk Management
Fidelity Digital Assets, a subsidiary of Fidelity Investments dedicated to institutional digital asset adoption, is set to harness specific features of the tool. Analytical dashboards, offering insights into transaction inaccuracies, wallet address balances, and digital signatures, are among the features Fidelity will leverage to enhance its risk management practices.
Michael O’Reilly, COO of Fidelity Digital Assets, expressed satisfaction in integrating EY’s industry-leading web-based analyzer tool into their risk management processes. He underscored the necessity for stringent oversight in the digital assets market and affirmed their commitment to providing customers with a secure and transparent trading environment.
Beyond this groundbreaking collaboration, EY currently supports various blockchains, including Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic, and Dogecoin. The firm is actively responding to market demands, working to expand support for additional blockchains and incorporating features such as address derivation, block explorers, and staking.
Setting Standards: Collaborations Advancing Operational Excellence and Transparency
In essence, this collaboration between Fidelity Digital Assets and EY marks a significant milestone in adopting blockchain analytics and reflects a broader commitment to advancing operational excellence, risk management, and transparency within the digital assets ecosystem.
As the industry continues to evolve, such collaborations are instrumental in setting new standards for security and accountability.
