PwC Invests In VeChain, A Chinese Cryptocurrency With A $2.7 Bln. Market

One of the ‘big four’ giants in the world, PricewaterhouseCoopers, known as PwC, finally made a leap forward by acquiring a small ownership in a cryptocurrency known as VeChain. The cryptocurrency is based in China and currently has a market valuation of $2.7 billion.

PwC Hong Kong and PwC Singapore gathered up for this event and officially announced the new investment, revealing that they bought an ownership interest in VeChain mainly in order to utilize the Internet of Things (IoT) network of the cryptocurrency that will help large-scale businesses.

According to the PwC Hong Kong offices, the company already started discussions with the VEN team in order to provide trust-based services on the VeChain platform. The VeChain tokens (known as VEN) are currently needed to access and perform transactions on the VeChain network.

According to Raymund Chao who is the chairman of PwC Asia Pacific and Greater China:

“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.”

Chao also emphasized that VeChain marks the first real initiative of PwC towards adopting the blockchain technology and providing innovative professional services. As one of the four biggest auditors in the world alongside Deloitte, PwC continuously works on improving their model and adapting to large-scale firms and organizations.

Meanwhile, the price of VEN has not moved over the past 24 hours, mainly because of the fact that the partnership was finalized confidentially and released formally in the past few hours. At press time, one VEN is $5.24 and the cryptocurrency has a market cap of $2.76 billion.