Big Four Accounting Firm Deloitte Forges Partnership With Ava Labs to Leverage Avalanche Blockchain
On Tuesday, one of the Big Four accounting organizations, Deloitte announced a strategic partnership with Ava Labs, the team behind the blockchain network Avalanche. According to the announcement, Deloitte’s new cloud-ba...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
On Tuesday, one of the Big Four accounting organizations, Deloitte announced a strategic partnership with Ava Labs, the team behind the blockchain network Avalanche. According to the announcement, Deloitte’s new cloud-based platform leverages Avalanche in order to “improve security, speed and [the] accuracy of Federal Emergency Management Agency reimbursements.”
Deloitte to Utilize Avalanche Protocol to Enhance Newly Launched Close as You Go Platform
During the last few years all four of the Big Four accounting networks, PWC, Ernst & Young (EY), KPMG, and Deloitte have been involved in blockchain consulting, research, and development. On November 16, Deloitte announced a strategic alliance with Ava Labs in order to “improve state and local governments’ recovery from natural disasters and public health emergencies.” The Avalanche blockchain will be leveraged to improve the firm’s new cloud-based solution.
According to Deloitte, the company’s newly launched Close As You Go (CAYG) platform is meant to help state and local governments streamline disaster reimbursement applications. These applications go specifically to the U.S. Federal Emergency Management Agency (FEMA). The CAYG’s cloud-based platform leverages Avalanche (AVAX) in order to provide a decentralized and transparent system that “empowers both grantmakers and funding recipients.”
Alex Haseley, principal, Deloitte & Touche LLP, and Deloitte’s government and public services crisis management portfolio leader says CAYG plays a “critical role” in helping bolster these types of federal emergency efforts. “When disaster strikes a community, state and local officials must act swiftly and deliberately to respond,” Haseley said. The Deloitte executive added:
Our new Close As You Go platform can play a critical role in helping these leaders be prepared to aggregate and validate the documentation necessary to demonstrate eligibility for funding and reduce the risk of adverse audit findings down the road.
Meanwhile, the Avalanche (AVAX) ecosystem has seen exponential growth during the last year, and the native currency AVAX is up 2,522% year-to-date. Defillama.com metrics show that Avalanche holds the fifth-largest number of total-value locked (TVL) in decentralized finance (defi) on November 16, with $10.15 billion TVL. During the first week of November, the Avalanche Foundation announced the launch of Blizzard, a $200 million fund dedicated to financing developers working on innovative Avalanche-based platforms.
On Tuesday, Ava Labs president John Wu said that the organization was “proud to work closely with Deloitte to offer this new, secure and beneficial technology for communities across the country.” The melding of CAYG and the Avalanche blockchain will create a secure environment for federal disaster claims, the Avalanche team claims. According to the announcement, Deloitte also chose to leverage Avalanche because it’s an “eco-friendly platform, which aligns with Deloitte’s commitment to green technology.”
What do you think about the alliance between the Big Four accounting organization Deloitte and Ava Labs? Let us know what you think about this subject in the comments section below.
Why this matters
This blockchain story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on Bitcoin NewsRelated market context
YZi Labs-backed BounceBit Chain shuts down after $3M exploit
The YZi-backed bitcoin restaking firm BounceBit announced today that it is shutting down its blockchain after hackers exploited an...
Binance Theft Lawsuit Can Proceed In Federal Court, Appeals Panel Rules
A US appeals court has allowed a proposed Binance-related theft lawsuit to proceed in federal court, rejecting a lower-court order...
Pakistan gives crypto platforms a September 5 deadline to comply or leave
Pakistan has given crypto platforms until Sept. 5 to enter its new licensing regime or stop serving the market, moving the country...
Federal Reserve Bank of Cleveland study reveals crypto investors swayed by Bitcoin returns
The study highlights how Bitcoin's past performance influences investor behavior, potentially impacting broader economic spending...
The US approved high-leverage Bitcoin trading while crypto founders remain legally blocked from raising funds
On May 29, the CFTC approved a Bitcoin perpetual contract for a regulated US exchange. Almost three months later, on Aug. 18, the...
Term Labs suffers $8.5M governance exploit as attacker seizes control of strategy vaults
The exploit highlights the critical need for robust governance safeguards in DeFi to prevent malicious control and protect user fu...