PricewaterhouseCoopers (PwC) Switzerland, a major auditing firm, has come to an agreement to successfully see through and carry out an independent audit of the Tezos Foundation’s finances and operations. This announcement was made by the foundation on Monday.
Considered one of the “Big Four” auditing firms, PwC, has agreed to go through and recheck the finances of the Tezos Foundation, which is currently in possession of hundreds of millions of dollars worth of cryptocurrencies and other assets raised from the project’s then-record initial coin offering (ICO) in summer 2017.
The foundation made a statement— which went through a major reshuffle in the beginning of the year followed by months of internal quarreling between Tezos creators Arthur and Kathleen Breitman and former foundation President Johann Gevers — declaring that the audit shows that its commitment to operate 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.”
PwC, like its fellow Big Four compatriots, has been an active and present participant in the distributed ledger technology (DLT) space and has even brought forth some in-house blockchain services to clients who are trying to play around and experiment in this nascent technological field. The firm’s offices that are centered in Asia have gone as far as PwC Hong Kong to not only begin accepting cryptocurrency payments last year but also, to collaborate with PwC Singapore, and invest directly in cryptocurrency startup VeChain.
However, this conglomeration marks the first time that a Big Four auditor has come to an agreement to undertake a large-scale blockchain organization as its client. This could serve as a fore-runner of indicators that the everyday financial services industry is growing more comfortable with firms operating in the cryptocurrency space.