PwC, one of the most important multinational services platform, has partnered with VeChain to use their blockchain platform. The arrangement has been made between PwC subsidiaries PwC Hong Kong and PwC Singapore.
PwC Partners with Blockchain Platform VeChain
PwC has decided to enter the blockchain market by acquiring a minority stake in the blockchain platform known as VeChain. The information has been unveiled on May the 4th by PwC.
The statement released reads as follows:
“PwC Hong Kong and PwC Singapore are delighted to announce that they are in a joint business relationship with VeChain Global Technology Holding Limited (“VeChain”), a Blockchain service provider specializing in the Internet of Things (“IoT”), supply chain management and anti-counterfeiting. In connection with this joint business relationship, PwC Hong Kong and PwC Singapore have each acquired a small ownership interest in VeChain.”
VeChain will be providing trust based services on its platform which will require the use of VeChain Tokens. VeChain is now the 16th most important virtual currency in the market with $2.55 billion dollars’ market capitalization. Each VeChain token can be purchased for $4.85 dollars. But the announcement did not affect the market in any specific way.
Raymund Chao, PwC Asia Pacific and Greater China Chairman, said about the partnership:
“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 professional services firms with EY, Deloitte, and KPMG. Currently, PwC employs over 47,000 individuals in Asia. In the past, the firm based in London, has been exploring blockchain tools to track coins after their initial coin offering (ICO).
Different companies from all over the world are starting to invest in blockchain technology, which can change the way in which several industries work. With this partnership, PwC is expected to increase its efficiency and productivity.