Audit firm PwC invested in crypto startup VeChain
PricewaterhouseCoopers, also known as PwC, acquired a small stake in VeChain, a Chinese blockchain startup with a cryptocurrency market capitalization of $ 2.7 billion on May 4..
In an official statement, the Hong Kong and Singapore divisions of PwC called the move part of a larger strategic partnership – two of PwC’s subsidiaries acquired a stake in VeChain (VEN) in large part to take advantage of the startup’s IoT network and, with its participation, help large companies.
Raymond Chao, Chairman of PwC Asia Pacific, said: “We are delighted to forge a closer relationship with VeChain to create a robust and distributed business ecosystem that will help meet the multi-year challenges of supply chain management, food trust and countering the manufacture of counterfeit products. VeChain’s mission aligns with PwC’s goal of solving important issues and building a society of trust. “.
Chao also stressed that the strategic partnership with VeChain is PwC’s first real project to widely use blockchain technology to provide professional innovative services..
As one of the world’s four largest audit and consulting firms, alongside Deloitte, PwC makes money from providing its professional services to large organizations and companies..
In March, PwC announced that it would begin offering blockchain audit services to enable corporations to decentralized record of transactions and process information. At the time, PwC did not provide details on the technology it plans to use..
However, judging by the format of the strategic partnership between PwC and VeChain and the acquisition of a stake in VeChain, it can be assumed that the company wants to take advantage of public blockchain protocols and networks that are already widely used, rather than develop its own blockchain and a closed registry..