PricewaterhouseCoopers also known as PwC, has acquired a small stake in the Chinese cryptocurrency startup VeChain. Capitalization of a private token of the company VEN exceeds $2.7 billion.

Officially, the transaction was engaged in branches PwC PwC PwC Hong Kong and Singapore. Audit the Corporation plans to use IoT network VeChain to provide services to large-scale business.

Raymond Chao (Chao Raymund), Chairman of the PwC office in Asia Pacific and Greater China, said:

“We are pleased to work more closely with VeChain, a company that strives to create a trusting distributed ecosystem for business to solve the problems of managing the supply system, food and funds in the fight against counterfeiting. Mission VeChain coincides with our desire to solve important problems and to increase trust in society.”

Chao said that the strategic cooperation with VeChain is the first real experience of PwC large-scale use of blockchain technology to provide innovative services at a professional level.

In March, PwC has announced that it will audit in the sphere of the blockchain in order for the company had the ability to record transactions and to process information in a decentralized environment. Then the PwC did not go into the details of what registry will be used to service its customers.

The beginning of a strategic collaboration and acquisition of PwC shares in VeChain indicate that the Corporation is set up to use existing, open protocols and networks are widely used in industry than writing your own code and create a private registry.

News about the partnership with PwC has not affected the value of VEN — in the last 24 hours quotes have not changed. Perhaps this is due to the fact that de jure the transaction between VeChain and PwC was only completed a few hours ago. However, in recent months the price of VEN increased more than doubled, rising from $2.5 to $5,18. It is expected that equity PwC will strengthen the positive trend.

In addition, when long-term beneficial effect of cooperation with PwC is on course VEN, token as its root protocols can take a leading position in the sector of “Internet of things”. Currently VEN is 15 place in the world ranking of market capitalization of cryptocurrencies.