Tezos Onboards “Big Four” PwC Firm to Audit Finances and Operations
Tezos Hires the Company PwC With the Intention to Conduct External Audit
The cryptocurrency and blockchain company Tezos has decided to hire the ‘big four’ financial firm PriceWaterhouseCooper (PwC) to audit the Tezos Foundation. The information has been released on Monday saying that the firm will be examining the organization’s finances and operations.
This is the first time that an important crypto and blockchain organization has been accepted by one of the Big Four firms. At the same time, they informed that the Tezos Foundation will be committed to operate with integrity and develop different products and services.
The blog post uploaded by the foundation reads as follows:
“The Foundation is committed to operating with the highest degree of integrity in the service of our mission to support the Tezos protocol, ecosystem, and community. Engaging a top-tier independent external auditor ensures that the Tezos community and its observers can trust our operations and use of finances.”
Back in June, Tezos launched its network for beta testing, using a proof-of-stake consensus mechanism each time transactions are approved by validators. Additionally, there are just 26 validators that are known as ‘bakers.’ In the future, the number of ‘bakers’ is expected to keep growing.
PwC has also been an active player in the blockchain market by offering different services to companies that are searching different ways to test this growing and revolutionary technology. Back in November 2017, PwC Hong Kong started accepting virtual currencies for advisory services. In addition to it, the US custody bank Northern Trust, decided to sign a partnership with PwC.
The last week, PwC said that it was going to participate with other firms, including Deloitte, EY and KPMG, in a trial involving blockchain technology. The main intention was to help some companies in the country process transactions. Furthermore, the system will also be helping auditors to verify the authenticity of financial transactions.