Tag: KPMG

‘Big 4’ step up the Bitcoin game, EY accepts Bitcoin in Switzerland

Posted on | by [email protected]

Ever since ‘Internet of Things’ has proved itself as a prudent innovation, Big four firms have their eyes set on these innovations. The consultancy divisions of these firms are closely monitoring IOT to evaluate the possible investment opportunities for their clients. This is evident from the PwC report on IOT, released in mid-2015 exploring the unlimited possibilities and open markets for application. After the advent of Bitcoin, Blockchain technology has received no different treatment. The cryptocurrency and its underlying technology have received the same amount of attention owing to its disruptive nature. Pretty recently after Deloitte, EY made a move in Bitcoin. Let’s look into the details of how this would impact Bitcoin:

Deloitte launched ATM in September:

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On Wednesday, September 7th this year, ‘Big Four’ accounting firm Deloitte has opened its first operational bitcoin ATM. The opening was quiet and took place in the downtown Toronto offices of Deloitte’s Rubix blockchain division. The bitcoin transaction machine, or BTM, is now all set to exchange digital currency for Canadian dollars. The move was intends to make Deloitte employees well acquainted with Bitcoin and Blockchain. Owing to the firm’s interest and belief in the cryptocurrency and its underlying technology, Deloitte has taken the first step towards it by this move.

EY joins the band wagon:

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In a surprising move that will completely boost adoption, EY announced that their Swiss firm will soon begin accepting bitcoin. The firm also installed a Bitcoin ATM (BTM) in their main office building, next to the Hardbrücke train station in Zurich. The BTM is publicly accessible to exchange Swiss Francs for Bitcoins. The firm also gave away bitcoin wallets to all of their employees. The effort is in the direction of completely ‘digitizing’ their operations to suit the pace of the changing world.

Marcel Stalder, CEO of EY Switzerland said –

“It is important to us that everybody gets on board and prepares themselves for the revolution set to take place in the business world through blockchains, smart contracts and digital currencies.”

The impact on adoption:

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Switzerland has a very amicable environment for the growth of cryptocurrency. With a well-developed bank and technological infrastructure, going cashless can definitely be the next objective for Swiss folk. KPMG has recently remarked about the same in their report “Shaping Switzerland’s digital future”. For Bitcoin, this would be a very impactful move as this would accelerate mainstream adoption. With auditing firms accepting the currency, the solution to the problem of auditing Bitcoin related transactions would become apparent.

Big banks’ investment creates ‘Ripples’ in Blockchain

Posted on | by [email protected]

The third week of September has seen further mainstream adoption of the blockchain Technology.  State authorities and the congress have set into motion plans to draft cryptocurrency favorable legislations. While the central idea is to understand and regulate the currency, studying the underlying technology is also in focus. Commercially distributed ledger based startups have been on the rise and are gaining good traction.  Pretty recently Ripple has received its series B funding to progress its hassle-free settlement idea. Let’s look into how this week, various Blockchain ventures are kicking off:

Ripple receives $55 Million in Series B:

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Distributed ledger settlement startup Ripple has raised $55m in venture capital from a mix of financial industry heavyweights. Participating in Ripple’s Series B round are Standard Chartered, Accenture Ventures, SCB Digital Ventures, the venture arm of Siam Commercial Bank and SBI Holdings. Additional investors include Santander InnoVentures, CME Ventures, Seagate Technology and Venture 51. The growth trajectory indicates that the settlement startup will move out of its San Francisco headquarters. Much of those funds are for expansion projects including sales and marketing. However, it is distinct that some of the funds could also fuel new acquisitions. Ripple president and COO Brad Garlinghouse told:

“This gives us a strong balance sheet to also consider acquisitions. There are a lot of small players doing something interesting. Historically, we wouldn’t be interested, but going forward we may be.”

KPMG’s New Blockchain Services Suite:

Global accounting firm KPMG yesterday launched a suite of tools designed to help banks and major financial services firms. The tool will help them build blockchain in a compliant way. The Amsterdam-based accounting firm generated $24bn revenue last year. It now expanded its partnership with Microsoft to integrate with its blockchain-as-a-service toolkit.

 India’s Wipro joins Blockchain research:

India’s third-largest software and IT firm Wipro Ltd., has established a blockchain research facility in India’s IT capital of Bangalore. The IT giant is looking to develop real-world applications and software based on distributed ledger or blockchain technology.

Sydney Stock exchange confirms Blockchain platform for instant settlement:

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The Sydney Stock Exchange (SSX) has confirmed its project to build a public blockchain platform. This will drastically reduce settlement times of trades and equities. The new blockchain settlement system will place itself as a low-cost alternative to the current clearing and settlement system. This clearing platform belongs to the Australian Securities Exchange (ASX). Unlike its competitor ASX which is using a closed blockchain-based settlement system the SSX will work on a public ledger.

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