In 2017, Ernst & Young, one of the Big Four, will be the first to accept Bitcoin payments!

Author: Huobi.com

According to the Huobi Blockchain Research Center, Ernst & Young, a Swiss-based multinational service giant and one of the so-called "Big Four" accounting firms, will become the first company in the industry to accept Bitcoin as payment for its services.

Huobi Blockchain Research Center has learned that in the coming January 2017, Ernst & Young (Switzerland) clients will be able to use Bitcoin to pay for the audit and consulting services provided by Ernst & Young. In a statement last week, the accounting giant declared itself to be the "first consulting firm to accept Bitcoin as payment for services provided." The company explained that the reason for accepting the world's most prominent digital currency is that this new payment method is part of Ernst & Young's "digitalization" strategy.

In addition, EY has set up a Bitcoin ATM in its office, which can be used by both employees and the public.

In addition to launching the Bitcoin ATM, which enables anyone to exchange Swiss francs for Bitcoin, EY is also providing its employees with the EY Wallet app, a digital wallet that enables them to make purchases using cryptocurrencies. The wallet app was developed in-house by EY and will be installed on smartphones provided by the company.

EY’s move to embrace bitcoin and new technologies reflects Switzerland’s broader societal interest in digital currencies and blockchain technology.

Notable examples include Swiss national railway operator SBB, which announced it will start selling Bitcoin through its ticket kiosks. SBB has more than a thousand ticket kiosks across the country, and new and existing users will be able to purchase over the next two years. The service has already begun.

The idyllic lakeside town of Zug, Switzerland, has also begun accepting Bitcoin payments for municipal services as part of a pilot program that began in mid-2016.

“We are sending a message about bitcoin use,” said Dolfi Müller, mayor of Zug, which has earned the nickname “Crypto Valley” after several financial technology companies set up bases in the town. “We in Zug want to be at the forefront of future technologies.”

Marcel Stalder, CEO of EY Switzerland, said that installing Bitcoin ATMs and accepting cryptocurrencies at EY is part of the practice’s plan to familiarize employees with cryptocurrencies and blockchain technology.

Stadler spoke about Switzerland’s role as a financial center, stressing the need for Switzerland to maintain its upstream position as a digital hub in the face of the transformational changes brought about by cryptocurrencies and blockchain technology in different industries.

In the statement, Stadler said: “We not only want to discuss digitalization, but also actively drive this process together with our employees and customers. It is important to us that everyone is ready for the revolution that blockchain, smart contracts and digital currencies will bring to the business world.”