“EY announced that Fidelity Digital Assets, the digital arm of Fidelity Investments, has adopted their latest blockchain analysis tool, EY Blockchain Analyzer: Reconciler. This tool, available through EY’s SaaS platform, allows organizations to query on-chain data independently, improving internal risk management protocols. Paul Brody, head of EY Global Blockchain, stressed the importance of strong internal risk management for cryptocurrency platforms to build trust with investors and regulators.”

“Fidelity, through its use of the blockchain tool, employs features like analytical dashboards to detect transaction discrepancies, verify wallet address balances, and authenticate digital signatures.

Michael O’Reilly, Chief Operating Officer of Fidelity Digital Assets, stressed the necessity of rigorous oversight in the digital assets market. By harnessing this technology to extract data from public blockchains for internal risk management, they aim to bolster their commitment to creating a secure and transparent trading environment for their customers.

The company disclosed that the development of this next-generation tool required a multi-million dollar investment over six years. Currently, EY offers support for Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic, and Dogecoin blockchains. They are also looking to expand their support to additional blockchains based on client demand and to meet the evolving needs of clients, including features like xpub Address Derivation, block explorers, and staking.”