‘Big Four’ Giant PwC Invests in Chinese Crypto Startup VeChain

PricewaterhouseCoopers, better known as PwC, has acquired a small ownership interest in VeChain, a China-based cryptocurrency with a market valuation of $2.7 billion, on May 4.

In an official announcement, PwC Hong Kong and PwC Singapore revealed that as a part of a larger strategic partnership, the two subsidiaries of PwC bought an ownership interest in VeChain mainly to utilize the Internet of Things (IoT) network of VeChain to assist large-scale businesses.

According to the PwC Hong Kong team, the company has entered discussions with the VEN team to provide trust-based services on the VeChain platform. The statement of the company noted that VeChain tokens, also known as VEN, are needed to access and perform transactions on the VeChain network, implying that PwC has bought ownership interest in VEN to actually utilize VEN in collaboration with large conglomerates and corporations.

Reference: https://www.ccn.com/big-four-giant-pwc-invests-in-chinese-crypto-startup-vechain/

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