PwC to Integrate Platform of Chinese Crypto Startup VeChain

The investment is part of a larger strategic partnership

by Deyana Laguna
08 May • 2 min
In Coins

Multinational audit and consultancy firm PriceWaterhouseCoopers (PwC) said on Thursday it has invested in blockchain start-up VeChain, seeking to integrate the service platform of the China-based company.

PwC revealed in a press release its Hong Kong and Singapore subsidiaries "have each acquired a small ownership interest in VeChain” as a part of a larger strategic partnership. PwC plans to integrate VeChain’s platform into its infrastructure, which will require the use of VeChain tokens to access and perform transactions on the platform.

Raymund Chao, PwC Asia Pacific and Greater China Chairman said: “We are glad to establish a deeper relationship with VeChain, which aims to build a trusted and distributed business ecosystem to help address long-standing challenges in supply chain management, food trust, and anti-counterfeiting areas. VeChain’s mission aligns with PwC’s purpose of solving important problems and building trust in society.”

PwC is one of the “Big Four” tax and accounting companies in the world, along with Deloitte, Ernst & Young (EY), and KPMG. In December 2017, PwC became the second “Big Four” audit firm after EY to accept cryptocurrency payments for advisory services. Commenting on the move, Raymund said at the time that this decision was “an indication that Bitcoin and other established cryptocurrencies have now developed into more broadly accepted forms of settlement.”

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VeChain is a subsidiary of Chinese blockchain technology company BitSE and one of the founding members of the recently launched Mobility Open Blockchain Initiative, MOBI. The start-up specializes in anti-counterfeiting, supply chain management, and the Internet of Things (IoT). Its platform has already been adopted by several established companies as part of their production system across various industries.

VeChain held a rebranding event in February to change the name of its blockchain from “VeChain" (VEN) to "VeChain Thor" (VET). Earlier this month, the company announced that before launching the new mainnet in June, the network will go through a public alpha test phase, which will begin in mid-May.

VEN, which is trading slightly over USD 5, is currently the 15th largest cryptocurrency by market capitalization, worth around USD 2.7 billion, according to data from Coins.Online.

 

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