Fidelity Digital Assets will leverage the web-based analytics dashboard to query on-chain data for risk management purposes.
EY, one of the "big four" global accounting firms, unveiled Fidelity Digital Assets as the first enterprise client to leverage its web-based, on-chain analytics tool available via EY Blockchain's SaaS platform.
The fourth generation tool known as "EY Blockchain Analyzer: Reconciler" is designed to help organizations independently source and query on-chain data to augment their internal risk management procedures, according to a statement. "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 Global blockchain lead Paul Brody said. EY audit teams have used earlier versions of the dashboard for audit procedures since 2018, enabling the reconciliation of clients' off-chain records and on-chain data.
Fidelity Digital Assets — the Fidelity Investments subsidiary that builds products and services geared toward the institutional adoption of digital assets — will tap into a select range of features offered by the tool. This includes analytical dashboards that highlight transaction inaccuracies, wallet address balances and digital signatures, according to the statement.
"We are pleased to leverage the EY organization's industry-leading, web-based analyzer tool to supplement our internal risk management processes," Fidelity Digital Assets COO Michael O'Reilly said.
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