PwC Acquires Minority Stake in the VeChain Platform
PwC, the multinational professional services network, has decided to make its first investment in the growing blockchain industry. Two of the company’s arm (in Hong Kong and Singapore), acquired a small ownership interest in VeChain.
Based in Singapore, VeChain (VEN) is one of the oldest blockchain companies in the world. VeChain focuses on products and information and is building a decentralized platform that business can easily use to interact and transact with each other without any intermediary. Currently, VeChain is able to handle 10,000 transactions per second.
PwC is one of the Big Four tax and accounting companies on earth, which includes Deloitte, EY, and KPMG. Indeed, the company allowed its clients the possibility to settle their invoices directly in Bitcoin (BTC).
Ernst & Young was the first of the four recognized firms to start using blockchain technology. In the past, it enabled its clients to pay for products and services using Bitcoin. Moreover, the intention was to increase the support for virtual currencies in the future.
Blockchain technology allows companies and enterprises to reduce costs, increase efficiency, keep a better control of different processes, and more. Many giant companies all over the world, including banks and governments, are using distributed ledger technology (DLT) so as to improve their services and products.
Raymund Chao, PwC Asia Pacific and Greater China Chairman, commented:
“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.”