Thu, Mar 28, 2024
A A A
Welcome Guest
Free Trial RSS pod
Get FREE trial access to our award winning publications
Industry Updates

Moore Cayman launches pioneering blockchain audit verification service

Tuesday, June 29, 2021
Opalesque Industry Update - Accountancy firm Moore Cayman which specialises in providing audit services to investment funds and the digital asset industry including nearly 200 cryptocurrency-focused funds, has launched the first verification service for its audit clients through a public blockchain. The service allows recipients of audited financial statements to independently verify they are valid original copies signed by Moore Cayman via a decentralised blockchain application.

Sixteen of Moore Cayman's clients have already signed up for the complementary service, including BR CAPITAL, Gluwa Capital, Lantern Ventures, Lima Capital LLC, Nalu Capital, Satoshi Holdings and Warp Capital which manage digital asset funds.

As part of the new service Moore Cayman will record a secure hash algorithm of the audited financial statements of clients that use this service to a public blockchain - the Waves blockchain. All recipients of the audit documents can then use a free privacy-preserving application to automatically check if their copy matches. This can be done in a few easy steps using a decentralised document verification application, which will prove whether the audit documents are original and signed by Moore Cayman.

The real-time verification process avoids any need for time-consuming and costly manual checks or reliance on a third-party providing copies of audited financial statements; all recipients can instantly verify the authenticity of the documents for themselves through a single transparent public record on a secure blockchain. Throughout the process no confidential information is revealed because only the privacy preserving 'fingerprint' or hash of financial statements signed by Moore Cayman is appended to the public blockchain.

Critically it will also be possible to check that audited financial statements have not been revoked, which adds additional real-time insight to the user.

David Walker, managing partner of Moore Cayman, said: "As we serve a large and growing number of clients investing in, or developing digital assets, including cryptoassets and various types of blockchain technology, we want our own auditing service to take advantage of the single source of real-time verification that blockchain technology can deliver.

"A significant number of our clients have already signed up to use this innovative and complementary service, which is not currently offered by our competitors, and as we approach 200 clients in the digital asset space, we feel this is a natural extension of our service in offering to sign not only with a physical signature but from an identifiable and declared blockchain address. We are believe there will be increased interest in such services going forward."

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Previous Opalesque Exclusives                                  
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. KKR raises $6.4bn for the largest pan-Asia infrastructure fund[more]

    Laxman Pai, Opalesque Asia: The New York-based global investment firm KKR has raised a record $6.4bn for its second Asia-focused infrastructure fund, underlining investors' continued appetite for private markets. According to a media release from the alternative assets manager, the figure top

  2. Bucking the trend, top hedge fund makes plans for a second SPAC[more]

    From Institutional Investor: SPACs aren't dead. At least not to the folks at Cormorant Asset Management. The life sciences firm, whose hedge fund topped its peers in 2023, is confident it will match the success of its first blank-check company. Last week, the life sciences and biopharma speciali

  3. Benefit Street Partners closes fifth fund on $4.7 billion[more]

    Bailey McCann, Opalesque New York: Benefit Street Partners has closed its fifth flagship direct lending vehicle, BSP Debt Fund V, with $4.7 billion of investable capital across the strategy. Benefit Street invests primarily in privately originated, floating rate, senior secured loans. The fun

  4. 4 hedge fund themes that are working in 2024[more]

    From The Street: A poor earnings report from Tesla (TSLA) has not hurt the indexes on Thursday. The decline in Tesla stock, which is losing its position in the Magnificent Seven pantheon, is more than offset by strong earnings from IBM (IBM) and ServiceNow (NOW) . In addition, the much higher-t

  5. Opalesque Exclusive: A global macro fund eyes opportunities in bonds[more]

    Bailey McCann, Opalesque New York for New Managers: Munich-based ThirdYear Capital rebounded in 2023, following a tough year for global macro. The firm's flagship ART Global Macro strategy finished the year up 1