Blockchain

PwC Invests in Chinese Blockchain Services Provider

One of the largest multinational audit and consultancy firm in the world, PricewaterhouseCoopers recently announced about acquiring a minority stake ‎in VeChain Global Technology Holding Limited. VeChain is a Chinese tech startup, which provides blockchain services. The solutions mainly specialize in anti-counterfeiting, supply chain management and Internet of Things (IoT).

According to the Field expert, by making this investment PwC intends to integrate VeChain’s solutions into own infrastructure in the nearest future. This long-term objective of the company and the upcoming integration will require using VeChain Tokens which will eventually allow performing appropriate transactions on the platform.

VeChain’s system allows creating private keys for each product which makes it possible to map them out throughout the distribution process. As expected, VeChain will also measurably benefit from PwC’s recent participation in the company. The investment by PwC will allow VeChain to expand into new markets including Hong Kong and Southeast Asia which are currently the main targets for the company.

In terms of market capitalization, VeChain is currently listed to be the fifteenth best token in the world. In addition, it was recently announced that VeChainThor Blockchain Mainnet is expected to be launched in mid June this year. The recent announcement made the industry professionals and enthusiasts look forward to upcoming updates from the company in addition to promising strong and interesting future for VeChain.

Being one of the biggest tax and accounting companies in the world, in the line with such large companies as Deloitte, KPY, KPMG etc., PwC has been in the list of the first innovators in the sector when it came to adopting new technologies. The company was the second mega professional services company which officially announced about accepting Bitcoin for client invoice settlements. The first such company was Ernst & Young.

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