Swiss-based Tezos Foundation, which is behind the lagging blockchain project Tezos, has chosen PricewaterhouseCoopers (PwC) Switzerland to do an external audit of its finances and operations.
The decision to hire a Big Four accounting firm mirrors the Foundation’s belief that “accountability and trust will be central pillars of any successful entity operating in the blockchain space,” it underlined in a press release published on Monday.
“Engaging a top-tier independent external auditor ensures that the Tezos community and its observers can trust our operations and use of finances,” the statement read.
For quite a while now, the media have been busy reporting on the Tezos crypto project and the long-awaited release of its mainnet. Tezos launched a test version of the system on June 30, a year after it completed its Initial Coin Offering (ICO). Although Tezos raised $232 million in one of the largest token sales in 2017, the organization has been swept by a series of lawsuits and internal scandals leaving users no other option but to hold their pre-launch Tezos (XTZ) tokens.
By design, Tezos is a smart contract platform developed as an alternative to Ethereum. It features an on-chain governance model, meaning that users can suggest improvements to the protocol, subject to a consensus reached across the network.
According to the Tezos Foundation, it is the first blockchain-based company that a Big Four auditor has accepted as a client. At the same time, PwC has already entered the blockchain sector. Last year, PwC Hong Kong agreed to accept crypto payments for its advisory services. In March, the company announced a new service that audits how its customers are using blockchain technology. Two months later, PwC purchased a stake in blockchain firm VeChain.
Fellow Big Four auditors have also looked towards blockchain. KPMG became a member of the Wall Street Blockchain Alliance (WSBA) in December 2017, whereas in April Ernst & Young (EY) piloted a blockchain audit technology to carry out in-depth reviews of digital currency business transactions. Last week, all four giant auditors, including also Deloitte, joined a trial of a blockchain-based platform in Taiwan.
This article appeared first on Cryptovest
