Ernst & Young Pulls Ahead of the Big Four in Cryptocurrency Investment
In May of 2021, accounting firm Ernst & Young (E&Y) announced that it is investing $100M into decentralized finance (DeFi) and distributed ledger products for enterprise. The firm already offers smart contract protocols and simulators for protecting sensitive data and has other tools in development. The investment could set E&Y apart from its typical competitors, including Deloitte, PricewaterhouseCoopers, and KPMG. What also differentiates E&Y from these other firms is its patent portfolio. E&Y has six cryptocurrency patent assets targeting distributed applications technology as well as asset management. Comparatively, PWC has four patent assets and has not filed any new applications since late 2018, while KPMG has only three. Deloitte does not have any cryptocurrency patents despite touting the technology in recent articles. With a larger and more diverse portfolio, E&Y is better positioned to take the lead in cryptocurrency tools for the accounting industry and to influence enterprise adoption of such technologies. Keep up with E&Y and other companies on the Cryptocurrency Patent Forecast® to stay ahead of market shifts.
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