EY announces another investment in blockchain to meet rising demand

EY announces another investment in blockchain to meet rising demand

The craze of cryptocurrency has left Ernst and Young (EY) to upgrade its investment game with yet another financing in blockchain to demonstrate its devotion to the technology.

The UK-based professional services company has recently announced investing $100 million in the research and engineering of crypto technology and blockchain services.

Reports suggest that this investment enables EY to expand its solution portfolio and prototype contributions to the public domain. Apparently, the financing comes just after the company pumped USD 1.5 billion into technology, EY People, and audits through EY NextWave strategy in September 2020.

Moreover, with the funds of $100 million, EY seeks to mitigate the development of new products, augmenting user experience, and expediting the adoption of blockchain, especially now that smart contracts and tokenization have powered a new generation of multi-party B2B transactions.

Commenting on the latest accomplishment, Carmine Di Sibio, Global Chairman and CEO at EY stated that the company, over the past five years, has been investing in blockchain and been developing innovative solutions, that help the company stand tall as a leader in this business space.

Carmine further added that as the adoption of blockchain is constantly expanding worldwide, EY is witnessing an outgrowing demand for these solutions from its clients. Besides, the firm is also quite excited of the EY investment to respond to the clients’ needs and challenges.

Illustrating the burgeoning demand for blockchain solutions, EY reportedly announced that an Italian beer company, Birra Peroni had come out strong as the first industrial organization to deploy the EY OpsChain traceability solution for its customers.

As per the announcement, the company is likely to make use of the solution to validate tokenized goods and data by make use of Ethereum blockchain-based non-fungible tokens.

Source Credit: https://invezz.com/news/2021/05/18/ey-makes-another-blockchain-investment-to-meet-increasing-demand/