WithumSmith+Brown P.C., the national audit, tax and advisory firm, has formed a Digital Currency and Blockchain Technology Services Group to address the challenges of digital assets, cryptocurrencies and other aspects of blockchain technology, it announced Monday.
Princeton-based Withum, which also has offices in East Brunswick, Paramus, Red Bank and Whippany, said the new group is an extension of its Technology Services Group. Chris DeMayo, a partner with the firm, will serve as team leader of the new group.
“Blockchain technology and the rising use and influence of digital assets/tokens are not a passing trend, they are becoming part of the fabric of our technology community, and the possibilities of their impact and disruptions across all industries are unlimited,” DeMayo said in a prepared statement. “We are embarking into a new era that can permanently and dramatically change how we do business.”
The group will include 12 experts, including Deep Gujral, principal; Carl Scheuten, partner; Joe Murray, manager; and Ryan Babiak, partner. Withum is a member of, or accredited by, industry groups including the Accounting Blockchain Coalition and the Wall Street Blockchain Alliance.
“Cryptocurrencies and blockchain technology pose highly unique challenges, from technology to accounting and regulatory issues — all of which our experienced, forward-thinking team is uniquely prepared to address on a client-by-client, industry-by-industry basis,” DeMayo said.
From our print edition: What is cryptocurrency?
Cryptocurrency: A form of digital or virtual currency that uses code encryption technology for security. Transactions under this new form of currency, which are done through the exchange of public or private keys online, tend to be anonymous.
Bitcoin: The first cryptocurrency to capture the public imagination. It was launched in 2009 by an anonymous individual or group. Bitcoin has since spawned competing virtual currencies. As of last year, the market cap of Bitcoin surpassed $100 billion.
Blockchain: A digital public ledger of every cryptocurrency transaction. Developed as the accounting method for Bitcoin, blockchain technology allows people to track digital currency transactions without centralized recordkeeping, because each system connected to the blockchain network automatically downloads recorded transactions.
— Brett Johnson
Source: Investing education website Investopedia
Read more from ROI-NJ:
- Law firms are increasingly moving into two new practice areas: cannabis and blockchain
- Blockchain legislation takes step forward
- You may not be able to touch cryptocurrency, but that doesn’t mean accountants can ignore it