PricewaterhouseCoopers (PwC), a multinational consulting and audit firm, has acquired a minority stake in VeChain's Chinese start-up, according to a press release from the company. VeChain Global Technology Holding Limited is a provider-based software vendor specializing in combating counterfeit goods, supplier chain management and Internet of Things solutions, according to CoinTelegraph.
Through this move, PwC plans to integrate VeChain platform services into the audit company's work infrastructure, meaning PwC will use VeChain cryptocurrency to access and perform transactions.
The VeChain system is designed with IoT technologies and generates private keys for each product to track them in the distribution process. PwC's participation in this ecosystem will help VeChain's expansion into Hong Kong and Southeast Asian markets.
PwC is part of the so-called Big Four of accounting and taxation companies worldwide, along with Deloitte, KPY and KPMG. PwC has become the second largest service giant to accept Bitcoin within the pay-per-view network after Ernst & Young. VeChain is the 15th ryptocurrency in terms of market capitalization. On Monday, at 19, the VEN was traded at $ 4.87 per currency, down 3.18% from the previous day, to a market capitalization of $ 3 billion, according to coinmarketcap.com
And this is only good news for us involved in the cryptocurency and blockchain movement. As the adoption spreads out we will see more and more business models developed and the traditional companies will need either to free themselves or lose it all. Let's all live in a free world where we all have the chance to be part of something big, only to have courage and patience!
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