Tezos Foundation Contentious Blockchain Project to Be Reviewed by PwC

By Steven Anderson July 29, 2018 Off
pwc tezos

The Tezos Foundation recently announced that the PwC or PricewaterhouseCoopers, professional services giant will perform an external inspection of its operation and finances. In an official announcement last July 23, Tezos claimed to be the first-big scale blockchain association to be inspected by PricewaterhouseCoopers Switzerland.

PricewaterhouseCoopers is based in London, UK and one of the four biggest professional services networks, known as the Big Four.

Self-explained as a self-amending blockchain, the Foundation has been able to raise approximately USD232 million- the biggest-ever amount at that time- in an ICO in July last year. Later on, the plan became the target of many lawsuits, experiencing delays in launching, and ultimately resulting in a beta network launch on the 30th of June at present year.

Today, with the declaration of an external inspection by one of biggest professional services in the world, Tezos claims to be dedicated to working with the highest level of honesty. Engaging with PricewaterhouseCoopers allows Tezos Foundation community to trust operations as well as make use of funds.

A few months ago, PricewaterhouseCoopers announced its plan to launch an auditing service for trades in the crypto business, claiming that a lot of firms have registered for it even before the official release. Also, a few weeks ago, PricewaterhouseCoopers obtained a minority stake in VeChain, a blockchain startup based in China which is expert in ani-counterfeiting, Internet of Things and supply chain management.

Another divisive crypto project, USDT dissolved the relationship with its auditor in January 2018, adding more fire to the rumors that the firm doesn’t have the resources needed to support its Tether token at a 1:1 ratio.

About PricewaterhouseCoopers

PricewaterhouseCoopers is a renowned multinational professional service network based in London. As a matter of fact, PwC is 2nd biggest professional services company all throughout the world. It is one of the Big 4 auditors along with KPMG, EY, and Deloitte. PwC has ranked by Vault Accounting 50 as the most impressive accounting company in the world for 7 consecutive years.

PricewaterhouseCoopers is a network of agencies in 158 nations. It has 743 locations with over 236,000 people. 22% of the workforce as of 2015 worked in Asia, 32% in Western Europe and 26% in North America. It has global earnings of USD37.7 bln in 2017, of which USD16 bln came from its Assurance practice, USD12.25 bln from Advisory practice and USD9.6 bln from Tax Practice. PricewaterhouseCoopers offers services to 422 out of Fortune 500 firms.