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Chainalysis Teams Up With Deloitte To Surveil the Blockchain and Help Governments Fight Crime

July 27, 2023 The Daily Hodl

Deloitte, Chainalysis alliance to give law enforcement a crypto edge

July 26, 2023 Coin Telegraph

Alliance

Big Four accounting firm Deloitte said the partnership could help authorities identify and take down bad actors hiding "behind the keyboard."

Professional services giant Deloitte is set to boost its clients’ blockchain-tracking capabilities following a strategic alliance with crypto analytics firm Chainalysis.

Announced during a Chainalysis conference in Washington DC on July 25, the tie-up will see Chainalysis’ blockchain datasets, analytics software and training programs assist Deloitte’s clients with their crypto forensic, investigative and compliance needs.

A Chainalysis spokesperson told Cointelegraph that the alliance had been in the works for years, with the aim of helping more organizations to adopt blockchain technology.

Our alliance with @Deloitte, announced today at #TraceDC, will provide public and private organizations with bespoke solutions and specialized services related to risk, compliance, and investigations. Read more:https://t.co/NqbPPA6HYb pic.twitter.com/I48lKhhInb
— Chainalysis (@chainalysis) July 25, 2023

Thomas Stanley, president and chief revenue officer of Chainalysis said the collaboration is aimed at their mutual clients, including law enforcement agencies, regulators and financial institutions.

"We’re starting with a focus on regulators, law enforcement, and financial institutions given where they are at in their adoption of this technology and the unique overlap of our customer base," the spokesperson added, noting that it will be introduced United States first.

"We're initially rolling this out in the United States, but it is something that other markets can readily adopt. It’s our belief that other global markets will follow suit."

In a document outlining the alliance, Deloitte said some of the challenges faced by government agencies include when cryptocurrencies are used to obfuscate transactions and launder the proceeds of crime, while the international regulatory landscape creates difficulty obtaining information from foreign exchanges.

Some of the challenges government agencies face when it comes to crypto. Source: Deloitte

Deloitte said the partnership with Chainalysis could help “identify the actors behind the keyboard and effectively prosecute them,” including tracing the flow of funds to high-risk or sanctioned entities.

“Chainalysis will work with Deloitte’s blockchain and digital assets practice across cryptocurrency and digital asset risk, analytics, investigation, anti-money laundering/know your customer (AML/KYC), and regulatory compliance,” added Chainalysis.

Deloitte, known as one of the world’s Big Four accounting firms, recently posted over 300 job listings for cryptocurrency-related roles, 97 of which were based in the United States.

In late February, Deloitte announced a partnership with Web3 platform Vatom to provide immersive experiences to different industries, from using virtual reality for events, meetings and employee training to brands focused on building community engagement with metaverse experiences.

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Microsoft, Goldman Sachs, others partner in new blockchain network

May 9, 2023 Coin Telegraph

Coin Telegraph

The Canton blockchain network for financial institutions is being launched by Digital Asset and a group of firms, including Microsoft, Goldman and Deloitte.

A new blockchain network aimed at financial institutions is in the works from a conglomerate of participants in the finance and tech space, including the likes of Microsoft and Goldman Sachs.

According to the announcement on May 9, the Canton Network will be a privacy-enabled interoperable blockchain network aimed at those working with institutional assets. It will allow the synchronization of financial markets that were “previously siloed.”

The network will begin testing its capabilities in July, which include extensive privacy controls and the ability to achieve the scale and performance needed by major financial institutions. Participants in the network currently include BNP Paribas, Cboe Global Markets, Digital Asset, Paxos, Microsoft, Goldman Sachs, Deloitte and others.

Cathy Clay, the executive vice president at Cboe Global Markets - one of the partners in the project- said that when leveraged, blockchain technology can potentially “unlock” new opportunities in the market.

“...the tokenization of real-world assets may offer an unprecedented opportunity to create new market infrastructure and drive efficiency in the trading of products across the globe.”

Canton is built on Daml, the smart-contract language of Digital Asset, which creates an interoperable system where “assets, data, and cash” can synchronize across linked applications.

As the crypto winter shows signs of thawing, investment and industry interest continue from institutional investors.

In March, Cathie Wood’s ARK Investment bought up around $18 million in Coinbase shares which equaled out to about 269,928 shares. A study from Goldman Sachs released on May 8 revealed that 32% of family offices currently have investments in digital assets.

On May 3, the securities token platform INX launched a new MPC wallet for institutional investors to control assets and employee access to such assets.

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Deloitte integrates blockchain for digital credentials

May 7, 2023 Coin Telegraph

Big Four

The credentials will "have multiple use cases" including regulatory compliance for banking and Decentralized Finance (DeFi), age verification for e-commerce, private logins and fundraising.

Big Four accounting firm Deloitte has integrated blockchain technology to allow customers to store their verification credentials in a single digital wallet, in an effort to streamline the “typically inefficient” verification processes.

In a May 4 statement, Deloitte announced it has integrated KILT blockchain technology – a Polkadot (DOT) parachain – to enable the issuance of reusable digital credentials to its customers. The integration aims to improve the efficiency of Deloitte's Know Your Customer (KYC) and Know Your Business (KYB) verification processes.

It was noted that the standard and "typically inefficient" processes of KYC and KYB certificates being paper-based, as well as identity verification requests requiring multiple data points when only one is needed, often creates "extra work in the process."

Additionally, these traditional verification procedures store data and personal information across multiple platforms and databases, placing consumer data privacy at risk.

Establish a digital identity with Deloitte and keep control of your data, sharing only the data you want to share. We are launching a credential verifier, in partnership with @Kiltprotocol and @Polkadot. Applications opening soon. #KYC #Blockchain #Web3
https://t.co/NDkUf9XMqk
— Deloitte Switzerland (@DeloitteCH) May 4, 2023

The credentials will serve various use cases including regulatory compliance for banking and Decentralized Finance (DeFi), age verification for e-commerce, private logins and fundraising.

While the wallet will be stored on the customers device and remain under their control at all times, Deloitte retains the ability to modify if circumstances change, as noted in the statement:

“Credentials are digitally signed by Deloitte. Deloitte can revoke credentials using blockchain technology if conditions of the customer have changed after the credential was issued.”

It was added that the no prior knowledge of blockchain is required from customers to set it up the credential wallet.

Ingo Rübe, founder of KILT Protocol said that the streamlined identity solutions built on KILT allows customers to use verifiable digital credentials across multiple services, whilst maintaining control “over when and where to share personal information.”

As a Polkadot parachain, it also provides the “scale and security needed by enterprise partners,” he added.

Polkadot tweeted shortly after the announcement on May 4 saying that Deloitte leveraging KILT's solutions to support its KYC and KYB processes is vital for safeguarding itself against illegal activity.

2/ Deloitte will leverage KILT’s reusable digital identity credentials to support its Know Your Customer / Know Your Business processes (KYC/KYB) - vital for protecting financial institutions against fraud, corruption, money laundering and terrorist financing.
— Polkadot (@Polkadot) May 4, 2023

This comes after it was reported on April 26 that there were over 300 crypto-related job opportunities available at Deloitte, at the time of writing, with almost all them being posted in the same week.

Meanwhile, a search for crypto related job openings at the other Big Four accounting Firms – Ernst & Young, KPMG, and PricewaterhouseCoopers – showed no results.

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Deloitte on a crypto hiring spree, reveals LinkedIn job postings

April 26, 2023 Coin Telegraph

Coin Telegraph

Deloitte highlights its commitment to Web3 and crypto through its intent to hire cryptocurrency experts to join its team, with over 300 positions posted on LinkedIn.

According to the latest updates on LinkedIn, Big Four accounting firm Deloitte — which primarily deals in audit, consulting, financial advisory, risk advisory, tax and legal services — is actively seeking individuals with expertise in cryptocurrency to join their team.

A search for cryptocurrency job opportunities in the United States on LinkedIn shows that there are currently over 300 available positions at Deloitte, and almost all of them were posted just a week ago. However, when conducting a similar search for crypto-related job openings at the other three “Big Four” accounting firms, namely Ernst & Young, KPMG, and PricewaterhouseCoopers, no results are returned.

Deloitte has several job titles related to cryptocurrency, such as Blockchain & Digital Assets Manager, with openings in 97 different locations across the United States. Other job titles include Tax Manager, Blockchain & Cryptocurrency, which is available in 18 U.S. locations, and Tax Manager, Blockchain & Cryptocurrency in NFTs, which has openings in three US locations.

*Screenshot of Blockchain & Assets Manager job posting. Source: LinkedIn*

The role of Blockchain & Digital Assets manager lists responsibilities to include providing various services such as financial statement audit, internal controls specific to blockchain and digital assets, audit readiness for blockchain and digital asset transactions, IPO readiness and SEC reporting services, SPAC transactions and accounting advisory services for digital asset transactions.

Applicants for the role of Tax Manager will manage teams providing tax advisory and compliance services to a diverse range of clients, including those in the cryptocurrency and blockchain industries. The responsibilities include leading clients in legal entity structuring and analyzing tokens and deals, among others.

*Screenshot of Tax Manager, Credit & Incentives job posting.* *Source: LinkedIn*

This comes as Deloitte signals its continued support and interest in Web3 and crypto. In late February, Deloitte announced a partnership with Vatom, a Web3 platform, to provide immersive experiences to different industries.

This collaboration offers various opportunities for companies looking to enhance culture using virtual reality, as well as for brands aiming to improve community engagement. Circle reportedly hired Deloitte to audit its proof-of-reserves in January.

As of now, LinkedIn has received applications from multiple locations for the different job roles, totaling over 1,000. There are several crossover listings on Deloitte’s website, and for now, it is unclear if these positions that it seeks to fill were advertised previously.

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Deloitte dives into immersive experiences as more industries turn to Web3

March 22, 2023 Coin Telegraph

Coin Telegraph

The Big Four accounting firm is betting on immersive experiences and other Web3 solutions to address various corporate needs.

Immersive experiences are already popular in the entertainment, gaming and fashion industries, but they can also be a tool to address various other corporate needs, like simulating manufacturing operations and training managers to have sensitive conversations.

Deloitte made this bet in late February when it announced a partnership with virtual spaces company Vatom to offer immersive experiences for various industries, from companies seeking to boost culture with virtual reality to brands focused on building community engagement. Together, the companies claim to deliver the ability to host thousands of people simultaneously in the same virtual space at the same time, along with a cross-chain wallet and access to a collection of digital assets and tokens of their metaverse experiences.

*Training Underground - Virtual Reality. Source: Deloitte*

The hidden goal, however, is to provide companies with underlying data about users. “One of the key trends impacting companies across all industries is the decreased accessibility of third-party data,” Khusro Khalid, managing director at Deloitte Digital, told Cointelegraph.

According to Khalid, firms that rely on knowing and connecting with customers are looking to replace third-party data and cut customer acquisition costs. “Given the customizable nature of the product, companies can leverage a host of Web3 tools, including virtual spaces, Programmable Digital Objects, a cross-chain universal Wallet, POS redemption, token gating and loyalty points, among other features, for a diversity of business applications,” he said.

Deloitte envisions a variety of metaverse tools for companies. Virtual spaces offer companies a way to “not only gather global team members together for events and meetings but also provide gamified tools that enable more engaging and interactive employee training,” Khalid noted.

*3D Asset Generation - Omniverse. Source: Deloitte*

Other examples include digital twins for real estate, providing prospective buyers with an immersive tour of a property without ever leaving their homes. “In each of these instances, virtual spaces not only create a direct channel for engagement but also a simple way to gain valuable first- and zero-party data from those engaging in the virtual spaces — helping to inform future efforts and strategies,” explained Khalil.

Virtual reality experiences are attracting billions of dollars in investments from companies around the world. The market size of global immersive technology was valued at $21.6 billion in 2021 and is expected to reach approximately $134.18 billion by 2030, according to Precedence Research.

Tech giants such as Nvidia, Qualcomm, Google, Facebook-owner Meta and Microsoft have already disclosed metaverse-related initiatives, while decentralized and blockchain-based platforms operating in metaverse businesses include Decentraland, The Sandbox, Axie Infinity, Metahero and Star Atlas, to name a few.

Eric Pulier, founder and CEO of Vatom, believes the metaverse is the internet of tomorrow and, as such, no businesses will be untouched by immersive experiences:

“Web3 represents the next iteration of the internet. In the same way that there is no company or industry that does not use the internet as a tool of engagement, there is no sector of business that cannot benefit from more effectively engaging their target audiences at scale with Web3.”

Deloitte