Leading auditing company PwC with more than 220 000 employees and annual revenues of $36 billion made its first official investment in the blockchain industry. Branch of the company in Hong Kong and Singapore acquired a small stake in a startup VeChain from China, specializing in the fight against counterfeiting in supply chains.
It is assumed that investment PwC will provide access to the services VeChain where to perform a transaction requires using the token of that platform. Platform VeChain already used by many reputable companies from various industries as part of the production system.
VeChain — “daughter” Chinese blockchain company BitSE. The startup was launched in November of 2016 with the aim of creating a shared product data in the supply chain and management. PwC with its VeChain investment will help to accelerate the deployment in Hong Kong and Southeast Asia, and will also provide the company with strategic advice.
PwC is part of the “big four’s” top tax and accounting companies in the world, along with Deloitte, Ernst&Young and KPMG. She became the second company of this elite club invoice for their professional services in bitcoins.
Previously, Ernst&Young has provided its customers the opportunity to pay for their products and services in a decentralized cryptocurrency. Other professional services is eyeing this trend, as bitcoin and other digital currencies are increasingly used for mutual transactions.
Cryptocurrency initiative PwC is not limited to the reduction of transaction costs for consulting services, and is a part of a broad strategy to promote digital products. So, PwC will advise clients on cryptocurrency funds and investment, cryptomeria and ICO. Work also involves advice on risk, regulation and taxation.