VeChain gains some institutional investor support from PricewaterhouseCoopers.
One of the “big four” multi-national accounting firms, PricewaterhouseCoopers, best known as PwC, has acquired a minor ownership stake in the cryptocurrency VeChain, according to a joint press release issued by the two firms.
The London-based PwC is the second-largest professional services firm in the world, providing services to 422 out of 500 of Fortune 500 countries. VeChain (VET) launched in 2015, focuses on supply chain management, IoT, anti-counterfeiting, and financial services, and is the first cryptocurrency to partner with the Chinese government. Together with PwC, VeChain created the first accredited cryptocurrency disaster recovery plan.
Moving forward, PwC will provide trust-based services on the VeChain platform. According to implications outlined in the press release, it is implied that PwC purchased ownership in VeChain to utilize the tokens in collaboration with its major corporate partners, providing trust-based services through the VeChain blockchain.
PwC Asia Pacific and Greater China Chairman Raymond Chao commented on the partnership announcement:
“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.”
The move potentially makes VeChain accessible to over 400 Fortune 500 companies that PwC serves. The news caused VeChain’s – the 15th ranked cryptocurrency by market cap according to CoinMarketCap data – price to surge as much as 10% to a high of $5.49 before a minor correction.
VeChain has been one of the best performing cryptocurrencies of 2018, having fallen less than 50% from its all-time high of $9.45 on January 22. With partnerships like PwC, BMW, and others mounting, VeChain will likely continue to be a strong investment throughout the year.
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