Fidelity Digital Assets unlocks power of blockchain with EY

abstract 3D render of blockchain | Fidelity Digital Assets

EY has announced that Fidelity Digital Assets, a subsidiary of Fidelity Investments, is the first enterprise to adopt EY’s fourth generation of EY Blockchain Analyzer: Reconciler.

Fidelity Digital Assets will use a subset of the capabilities offered by the web-based analytics tool and will be able to access analytical dashboards to identify matches and mismatches in transactions, wallet address balances and digital signatures.

Since 2018, EY audit teams have used a version of the web-based EY Blockchain Analyzer: Reconciler tool for audit procedures related to the conciliation of clients’ off-chain books and records to on-chain data.

Over the past six years, the EY Blockchain Analyzer suite of tools has undergone several major developments as part of a multimillion-dollar investment and is available for use by enterprises. Additionally, as part of the EY roadmap, EY engineering teams are continually working to enhance and add support for blockchain data across additional chains based on client demand.

Paul Brody, global blockchain leader of EY, said: “As the global digital assets marketplace continues to grow rapidly, addressing operational excellence and robust internal risk management is paramount for cryptocurrency platforms to gain a competitive edge and instill trust among investors and regulators.

“EY teams are excited that Fidelity Digital Assets has selected EY Blockchain Analyzer: Reconciler to help them improve their internal risk management. The tool will provide an easy-to-use, web-based interface that allows their operations teams to query on-chain data for cryptocurrency data-related workflows.”

Michael O’Reilly, chief operating officer of Fidelity Digital Assets, said: “We are pleased to leverage the EY organization’s industry-leading, web-based Analyzer tool to supplement our internal risk management processes. The digital assets market demands stringent oversight and by incorporating this technology for extracting data from the public blockchain for internal risk management processes, we continue to reinforce our commitment to providing a secure and transparent trading environment for our customers.”