“Big boys” in the crypto crib

Questions like “Is this crypto exchange or crypto service is honest with us?” has always been a spooky one. Articles and researches about overblown trading values, news about crypto exchange owners running away with the client's money while blaming the losses on “EVIL RUSSIAN HACKERS!”, fraudsters and false crypto evangelists in social networks that are getting paid to promote everything - that not even remotely close to the full list of reasons investors in crypto assets can wake up in a middle of the night, covered in cold, sticky sweat.

However, some of those night terrors are soon to be over. “Big boys” from the world of big business are coming into the little crypto town. The “Big 4”, giants of the economic world are coming, and it is genuinely changing everything.

For a long time, a lot of the looks and “head-scratching” from the institutional investors were caused by the immaturity of the crypto verse. It was about it guys, geeks and computer wizes that had next to no big names behind it. Furthermore, regulators from around the globe are struggling how to classify the crypto since it’s not an asset in its traditional form or currency, this is more of a valuable technological asset. To understand that - you need to have patience, that many of the “big money” people lacking.

“Big 4” and their brand are going to be the catalyst of the change, making them see that crypto industry is serious now and showing that all the claims about bitcoin investors “Buying into the empty candy wrappers market”  hold no ground. Even more - “Big 4” reputation will make institutional investors and simple folk see that that “Super cool first-year report” are not a bogus fairytale, but a cold, hard truth with a name like Ernst and Young or PWC behind it.

EY has been interested in crypto since the first moments it showed that cryptocurrency is there to stay, and because of that - it’s not a big surprise that they already have a relatively robust strategy how to work in the field. Sure, it probably needs some polishing and oiling, but it is certain that it’s already there.

One of the recent indicators that financial giant is a couple of steps away from diving into the new market is the fact that “EY” recently acquired technology which connects with multiple cryptocurrency exchanges and wallets. This is going to provide better visibility into cryptocurrency transactions and inventory. Moreover, that's just one of the many steps that they take to reach their super ambitious goal - to become the leader in the field of accounting and taxation in the crypto industry.

PWC are not the new guys in the world of crypto either, since the end of the last year, they already made a bold step and started to accept bitcoins as a mean of payment for their service and generally consider cryptocurrency as a financial innovation with tremendous growth potential in the industry.

For now, they are sticking out because they are members of the “big 4” and it’s unusual, but soon enough, after other economic companies understand the sheer value of the market - the amount of companies eager to get into “crypto audit” will skyrocket. Will it change the nature of the industry? Only the time will tell.