PricewaterhouseCoopers, known as PwC, bought a small stock in a Chinese-based cryptocurrency, VeChain. Currently, Vechain’s estimated market value is $2.7 billion.
PwC Hong Kong and Singapore announced that as part of a larger strategic alliance, they have decided to purchase an ownership interest in VeChain. It was mainly because of the desire to use the Internet of Things (IOT) network of VeChain in their large-scale businesses.
The company began negotiations with the VEN group to deliver trust-based services on the VeChain platform. In the company’s statement, the need of VeChain tokens, aka VEN, is emphasized as necessary to access and process transactions on the VeChain network. In other words, PwC’s real interest lies within utilizing VEN in cooperation with major holdings and companies.
The president of PwC Asia Pacific and Greater China Raymund Chao commented:
“With VeChain, we are delighted to build a deeper relationship that aims to build a reliable and distributed business ecosystem to help overcome the long-standing challenges of supply chain management, food security and counterfeiting. VeChain’s mission is appropriate for PwC’s purpose of solving significant problems and building confidence in society. “
Chao stressed that the strategic alliance with VeChain marks the first real initiative of PwC to use Blockchain technology in a comprehensive way to provide innovative professional services.
The business model of PwC, one of the world’s four largest auditors and accounting firms along with Deloitte, is shaped around the professional services provided to large-scale companies and organizations.
As reported by CCN in March, the company announced that it would begin offering blockchain auditing services to take advantage of the firm’s blockchain to save transactions and process info in a decentralized platform. No further comment was shared at the time.
The creation of a strategic alliance between Vechain and PwC and the acquisition of ownership interests of by PwC represents the wish to use publicly available blockchain protocols and networks, which are widely adopted by the blockchain sector in general, rather than building the company’s own blockchain technology and permission ledger.
VEN’s Price Trend
In the past few months, the price of VEN has risen from $2.50 to $5.18, and it is expected that the purchase of VEN by institutional investors and large companies like PwC will further increase the exchange rate.
VEN is already the largest 15th cryptocurrency on the global market. The inclusion of PWC in the long-term potential growth can lead VEN to become a major IoT blockchain protocol and token.