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Cryptocurrency Project Tezos Appoints PwC as Independent Auditor

Cryptocurrency Project Tezos Appoints PwC as Independent Auditor

Reading Time: 2 minutes by on July 29, 2018 Altcoins, Business, Finance, News
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Controversial cryptocurrency company Tezos revealed on July 24, 2018, that “Big Four” auditor PricewaterhouseCoopers (PwC) will conduct a due financial audit of the Tezos Foundation.

Tezos Employs PwC

As stated in an official press release, PwC’s Swiss branch has been appointed as a third-party auditor to scrutinize Tezos’ operations and finance books.

Tezos noted the development is the world’s first instance of a “Big Four” company accepting a cryptocurrency firm as a client. The company believes this move helps solidify its position as a top-tier digital asset project, mitigating doubts and concerns voiced by the cryptocurrency community in recent times.

The release added that the foundation is committed to operating with the highest level of integrity in the cryptocurrency sector and remains focused on the Tezos protocol, community, and ecosystem.

In June 2018, Tezos began beta-phase tests of its mobile application. For the uninitiated, the platform is a “self-amending” distributed ledger for cryptocurrencies which allows for other protocols to “layer” on top of the Tezos framework for approaching and validating transfers.

Currently, there are only 26 validators in the Tezos network, including eight of the foundation’s founders running their own nodes.

The “Big Four” Blockchain Push

PwC has been actively involved in the blockchain space, alongside other auditors. In November 2017, the company began accepting bitcoin payments for its advisory services in Hong Kong.

In March 2018, PwC’s U.S. branch partnered with institutional custodian bank Northern Trust to provide blockchain-based data storage facilities for the latter’s clientele, followed by a partnership with instant-payments protocol Request Network in the same month. At the time, PwC reported an increase in clients expressing interest in implementing blockchain technology in their existing frameworks.

Meanwhile, Ernst & Young (EY), a part of the revered group of auditors is making moves in the cryptocurrency sector.

On July 24, 2018, BTCManager reported the company’s acquisition of Andy Crypto-Asset Accounting and Tax (CAAT), a cryptocurrency accounting and regulatory compliance technology solution from Elevated Consciousness, a San Francisco startup that specializes in developing crypto asset solutions.

The audit services may help clear the air around Tezos, which has been under fire in recent times after founder fallouts, faulty business practices, and tax evasion allegations.

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