PwC Switzerland Acquires ChainSecurity AG to Boost Blockchain Arm
PwC Switzerland has successfully acquired ChainSecurity AG, a blockchain startup spun out of the ICE center, ETH Zurich – one of the top research labs in the blockchain security space, reports Investment Europe, January 6, 2020.
PwC Set to Expand Its Blockchain Business
In a major impetus to its distributed ledger technology (DLT) arm, PwC Switzerland has bought Switzerland-based ChainSecurityAG to establish itself as the global market provider in blockchain smart contract assurance. Per the terms of the acquisition, ChainSecurity will now be able to focus on regulated companies associated with the consulting giant.
Commenting on the development, Andreas Eschbach, partner and head of Risk Insurance, PwC Europe, said:
“As part of PwC Switzerland, the ChainSecurity team will focus on accelerating PwC Switzerland blockchain audits, including technical audits of smart contracts and blockchain platforms as well as hedging services risks for customers with crypto assets.“
Similar sentiments were echoed by the team at ChainSecurity. They said:
“We are thrilled to announce that our team is joining PwC Switzerland! As part of PwC Switzerland, we will stay true to our mission of bringing trust to blockchain projects. We are thankful to all our clients and colleagues for supporting us throughout this journey. We are excited for this new chapter!”
For the uninitiated, ChainSecurity was founded in 2017 with major blockchain organizations such as the Crypto Valley Association and the Swiss Blockchain Federation being some of the stakeholders involved.
According to the startup’s official website, it employs twelve people at present and conducts research and development in the areas of security, program analysis, and machine learning. All this, in addition to its primary business that largely revolves around products and services for securing smart contracts and blockchain protocols.
Switzerland: A Regulatory Haven for Everything Blockchain & Crypto
While major economic powerhouses like the U.S., and China continue to remain unclear about their stance towards cryptocurrencies, Europe as well as Switzerland in particular, have taken a considerable lead with regard to the development stable regulatory infrastructures to attract foreign businesses the continent and country, respectively.
BTCManager reported on December 10, 2019, how Swiss crypto startup Amun AG had bagged a license from the Swedish Financial Supervisory Authority (SFSA) to offer its flagship Bitcoin (BTC) exchange-traded products (ETPs) to investors in the European Union.