PwC Buys Stake in Blockchain Firm VeChain

PwC Hong Kong and PwC Singapore partnered with blockchain firm VeChain to use its platform. The PwC subsidiaries acquired minority stakes in the blockchain startup.

PricewaterhouseCoopers’s (PwC) subsidiaries PwC Hong Kong and PwC Singapore announced their collaboration with blockchain service provider VeChain, which focuses on Internet of Things (IoT) technology, supply chain management, and anti-counterfeiting. According to an agreement announced on May 4, 2018, PwC Hong Kong and PwC Singapore each bought a small stake in the startup, which is behind the 15th largest cryptocurrency according to Coinmarketcap data.

Currently, PwC Hong Kong is in talks with VeChain to offer trust-based solutions on its blockchain platform. The services will involve VeChain tokens to provide access to the platform features.

Raymund Chao, head of PwC Asia Pacific and Greater China, was very positive about the partnership, which was carried out confidentially and announced when the deal was already done.

“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,” Raymund said.

PwC is a Big Four professional services firm, along with EY, Deloitte, and KPMG. Headquartered in London, UK, PwC has offices worldwide, with over 47,000 employees in Asia. In mid-March, the accounting firm was testing a blockchain-powered analytics tool to track cryptocurrencies after their initial coin offering (ICO) events.

China’s VeChain is a startup that provides blockchain solutions for various user cases, such as IoT, automobile, supply chain management, luxury and fashion, and agriculture among others. The startup displays companies like Group Renault, BMW, Bitocean or China Unicom as partners. However, BMW came out with a clarification on the type of partnership with VeChain, if it can be called that way.

“Sorry for any confusion. VeChain is participating in the BMW Startup Garage programme. As a Venture Client, the BMW Group becomes a customer of the start-up at a time when the product, technology or service is not yet ready for the market,” the automaker explained in a tweet.

The deal with PwC hasn’t had a visible effect on the VeChain token price.