Accounting services firm Ernst & Young LLP has acquired certain technology assets and related patents of the Andy Crypto-Asset Accounting and Tax (CAAT) tool from San Francisco, California-based startup Elevated Consciousness, Inc. to boost its services for crypto assets such as Bitcoin.
The CAAT tool connects with multiple cryptocurrency exchanges and wallets, allowing better visibility into cryptocurrency transactions and inventory.
Technologies such as CAAT can help Ernst & Young member firms and their clients effectively assess their risk related to reporting taxable income for this new asset class of cryptocurrencies.
It will also enable Ernst & Young to provide its services to various companies adopting crypto-assets in the evolving regulatory environment.
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