Chong Hong Kong and PricewaterhouseCoopers Singapore use the platform of blockchain company VeChain（VEN）. PricewaterhouseCoopers’ subsidiary acquired a minority stake in a blockchain startup.
PricewaterhouseCoopers (PwC), a subsidiary of PricewaterhouseCoopers Hong Kong and PricewaterhouseCoopers Singapore, announced the cooperation with blockchain service provider VeChain, which focuses on the Internet of Things (IoT) technology, supply chain management, and security. According to Coinmarketcap data, an agreement was announced on May 4, 2018, and PricewaterhouseCoopers Hong Kong and Singapore PwC each bought a small portion of VeChain's shares, which are behind the 15 largest cryptocurrencies.So far, PricewaterhouseCoopers Hong Kong is negotiating with VeChain to do a trusted solution provided on its blockchain platform. These services will involve the VeChain tokens to provide access to platform functionality.
Raymund Chao, head of PwC Asia Pacific and Greater China, has a positive attitude toward the cooperation between the two parties and the cooperation will be done in a confidential manner which will announce it when the deal is done.
Raymund said:’ We are pleased to establish a deep partnership with VeChain which its goal is to establish a trusted distributed business ecosystem to help solve the long-term challenges of supply chain management, food trust, and security. VeChain's mission coincides with PWC's goal of addressing important issues and building social trust.
PricewaterhouseCoopers is one of the four professional services companies, including Ernst & Young, Deloitte, and KPMG.PWC, based in London, UK, has offices around the world and employs more than 47,000 people in Asia. In mid-march, the accounting firm was testing a blockchain analysis tool to track the cryptocurrency after the first token issue.
China's VeChain is a start-up company that provides blockchain solutions for a variety of user cases, such as the Internet of things, cars, supply chain management, luxury goods, fashion, and agriculture. The company sees companies such as Renault, BMW, Bitocean or China Unicom (600050, shares) as partners. However, BMW clarified the type of cooperation with VeChain.
"Sorry for any confusion," the automaker explained in a tweet. VeChain is participating in BMW Start-up Garage. As a venture capitalist, BMW is emerging as a new customer when it is not ready to launch a product, technology or service.
The transaction with PWC did not have a significant impact on the ven price.