Major auditing firm Pricewater house Coopers (PwC) Switzerland has actually consented to carry out an independent audit of the Tezos Foundation’s financial resources and operations, the foundation revealed on Monday.
PwC, thought about among the “Big Four” auditing companies, will evaluate the financial resources of the Tezos Foundation, which is holding numerous countless dollars worth of cryptocurrencies and other properties raised from the task’s then-record initial coin offering (ICO) in summer season 2017.
In a declaration, the foundation– which went through a major reshuffle previously this year following months of infighting in between Tezos developers Arthur and Kathleen Breitman and previous foundation President Johann Gevers– specified that the audit is a sign of its dedication to run with the “highest degree of integrity.”
“The Foundation is committed to operating with the highest degree of integrity in the service of our mission to support the Tezos protocol, ecosystem, and community. Engaging a top-tier independent external auditor ensures that the Tezos community and its observers can trust our operations and use of finances.”
Like its fellow Big Four compatriots, PwC has actually been active in the dispersed journal innovation (DLT) area and has actually even supplied some internal blockchain services to customers looking for to meddle this nascent technological field. The firm’s Asia- based workplaces have actually gone even further, as PwC Hong Kong not just started accepting cryptocurrency payments in 2015 however likewise, together with PwC Singapore, invested straight in cryptocurrency start-up VeChain.
Nevertheless, this collaboration marks the very first time that a Big Four auditor has actually consented to handle a massive blockchain company as a customer, inning accordance with the statement, and it might be a leading indication that the mainstream monetary services market is growing more comfy with companies running in the cryptocurrency area.
But the statement has other ramifications, also. The discovery that PwC is not unconditionally opposed to auditing blockchain companies tosses shade on declarations made by questionable cryptocurrency start-up Tether in defense of its failure to go through a complete balance sheet audit. As reported, the firm’s legal counsel had actually argued that Tether might refrain from doing a complete audit given that auditors were too risk-adverse to handle cryptocurrency companies as customers.