EY invests in crypto-currency software
In another sign that that financial world is taking Bitcoin seriously, EY has bought CAAT from start-up Elevated Consciousness

The British accountancy firm EY has acquired software developed by a Silicon Valley start-up to manage investments in crypto-currencies – another sign of just how seriously the financial mainstream now takes Bitcoin and its rivals.
CAAT, which stands for Crypto-Asset Accounting and Tax, was bought from Elevated Consciousness by EY’s Americas Tax Innovation Foundry.
“I look forward to all the opportunities in tax and accounting that this technology will afford our clients and professionals in such a dynamic and exciting market,” said Foundry leader Chirag Patel.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Michael Meisler, a partner at EY, added: “CAAT will allow us to help clients investing in crypto-assets, both in the fund space and beyond.”
Over the past year, crypto-currencies have been moving from the fringe to the mainstream of financial transactions. Last November, one of the other Big Four accountancy firms, PricewaterhouseCoopers, announced it would accept payments from clients in Bitcoin, Business Insider reported.
It’s not just accountants who are embracing the new technology. Banks too “are now entering the market in force”, writes investor and commentator Jim Greco on Medium. At a recent cryptocurrency conference, Consensus 2018, “every Wall Street bank was in attendance”, he says.
Crypto-currencies have not delivered the utopian vision of their libertarian founders, Greco says, but they turned out to be perfect for hedge funds and traders: “infinitely replicable, untethered to real-world companies or assets [and] extremely volatile.”
Take our survey for your chance to win £100 John Lewis vouchers
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
Bryan Burrough's 6 favorite books about Old West gunfighters
Feature The Texas-raised author recommends works by T.J. Stiles, John Boessenecker, and more
-
'We need solutions that prioritize both safety and sustainability'
Instant Opinion Opinion, comment and editorials of the day
-
Book reviews: 'Moral Ambition: Stop Wasting Your Talent and Start Making a Difference' and 'Is a River Alive?'
Feature A rallying cry for 'moral ambition' and the interwoven relationship between humans and rivers
-
'Wrench attacks' are targeting wealthy crypto moguls
The Explainer The attacks are named for physical coercion that can be used to gain crypto passwords
-
Crypto firm Coinbase hacked, faces SEC scrutiny
Speed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
The collapse of El Salvador's bitcoin dream
Under the Radar Central American nation rolls back its controversial, world-first cryptocurrency laws
-
Javier Milei's memecoin scandal
Under The Radar Argentinian president is facing impeachment calls and fraud accusations
-
Bitcoin surges above $100k in post-election rally
Speed Read Investors are betting that the incoming Trump administration will embrace crypto
-
Donald Trump's bitcoin obsession
The Explainer Former president's crypto conversion a 'classic Trumpian transactional relationship', partly driven by ego-boosting NFTs
-
Is bitcoin back?
Talking Point World's most popular cryptocurrency looks set to hit record highs in 2024 but is 'not for the faint-hearted', experts say
-
The truth about who founded bitcoin
under the radar Satoshi Nakamoto's true identity is one of tech's biggest mysteries