EY Spends Millions Upgrading ‘Blockchain Analyzer’ to File Your Crypto Taxes

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‘Big four’ auditing giant EY has upgraded its ‘blockchain analyzer’ after spending millions. | Source: Shutterstock

By CCN.com: Big Four accounting firm Ernst & Young (EY) wants to make filing your crypto tax returns easier. To this end, the auditing giant launched the second generation of its EY Blockchain Analyzer, a blockchain analytics tool.

EY rolled out the product at its annual Global Blockchain Summit this week. In a statement, EY says it invested millions of dollars during the past two years to upgrade the Blockchain Analyzer.

EY Wants to Be a Leader in Crypto Tax Services

The company is making the tool available for use by EY teams in 2019 to help clients who hold or trade cryptocurrencies or work in the blockchain industry.

Paul Brody, a blockchain executive at Ernst & Young, says the firm is committed to building an integrated platform that can be used for audit, tax, and transaction monitoring.

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Zero-Knowledge Proof Protocol

EY says its Blockchain Analyzer supports tax calculation for crypto-assets by automatically calculating capital gains and losses. Brody says it’s all part of EY’s goal to become a global leader in crypto tax and blockchain services.

“EY Blockchain Analyzer supports analysis of zero-knowledge proof private transactions on the public Ethereum blockchain, as well as the Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin public blockchains.”

Read the full story on CCN.com.