Cryptocurrency End of Day Recap
Jul 23, 2018
- The technology assets and related patents of the Andy Crypto-Asset Accounting and Tax (CAAT) has been acquired by Ernst & Young (EY). The technology was developed by startup Elevated Consciousness. It is designed to connect to multiple digital asset exchanges and wallets for the purpose of increasing the transparency of cryptocurrency inventories and transactions. This move expands EY’s role of providing accounting and tax services for cryptocurrencies and the blockchain industry.
- The City of London Police reported that it will be training its officers to use cryptocurrencies in an investigative manner. The training is designed to better prepare officers to be more effective when investigating cyber or financial crimes. The program is the first of its kind in the UK. Cryptocurrencies are increasingly being used for malicious activities like money laundering and this initiative was requested by many of London’s officers who felt that their related financial training was not enough.
- Hong Kong asset management firm Fusang Investment Office has launched a cryptocurrency custody service called The Fusang Vault. The firm’s CEO has stressed to the South China Morning Post the rising importance of third-party cryptocurrency custodial services since there is currently no ownership information available on these assets; whoever holds them is presumed to be the owner. The firm is regulated by the Monetary Authority of Singapore and licensed by the Securities and Futures Commission of Hong Kong.
- Wanchain, a startup based in Beijing and Austin, Texas, has announced the launch of its revamped platform which will facilitate transactions between its own blockchain and Ethereum’s blockchain. This relatively new method of transacting between different blockchains is called atomic swapping, and is a pressing issue in the industry. The project aims to enable multi-asset ICOs and is a key step towards developing decentralized asset exchanges.