VeChain became the 20th biggest cryptocurrency, with a market cap of over $2 billion and its prices soared over the weekend after news that it passed a Cryptocurrency Disaster Recovery Plan (CDRP) from PWC. Having the notoriety of an established firm like PricewaterhouseCoopers behind it will no doubt add to VeChain’s value, and the community as a whole.
This news is a first step towards the adoption of the blockchain technology by the masses and large enterprises. PwC audits are a big deal, and VeChain’s passing is a sign the company is a formidable competitor with sound technology behind it. VeChain’s not all hype either; their growth seems to be controlled as they invest in the right solutions.
Most companies struggle to tell the world they have blockchain teams but VeChain got assurance, compliance and security recognition by spearheading the first ever Cryptocurrency Disaster Recovery Plan and Risk Management from PricewaterhouseCoopers on the level of a Fortune 500 company. Although an alignment with an established private firm is not the fully-realized, decentralized vision of the blockchain, it creates a new standard towards the adoption of blockchain and crypto technologies by businesses.
The London-based PricewaterhouseCoopers, with its network of firms in 743 locations and 158 countries, is the second largest professional service network and is among the four global leading audit firms together with KPMG and Ernst and Young. PwC is among the “Big Four” accounting firms worldwide, with revenues over $37 billion in 2017, and its stamp of approval adds credibility to any organization.
PwC holds businesses to high international professional standards in taxes and consulting, audit and assurances covering areas like cybersecurity and privacy, human resource and forensics. They assist firms with resolving complex concerns across all major industries.
VeChain may become the “Ethereum” for corporations and with its high standards, security and partnerships, news like this will make 2018 a greater year for blockchain.
VeChain is a leading blockchain based platform dealing with products and information that leverages the blockchain to create a trust-free and distributed business environment focusing on scalable solutions. Vechain already has three working products focusing on different markets that show it’s more than just a concept.
The VeChain API has already been adopted by a Chinese import company for their supply chain; PwC is using VeChain for many third-party services, magnifying its credibility; Liaoning Agricultural Sciences is using the technology for distributed data storage; and it has a partnership with Fanghuwang, one of China’s largest lending platforms.
We are excited to announce that VeChain will partner with Fanghuwang, one of the fastest growing online lending platforms in China with $3.3bn AUM. With this partnership, VeChain Thor solves major problems within one of the largest global industries. https://t.co/2neBmo0yot
— VeChain Foundation (@vechainofficial) January 18, 2018
VeChain made a strong comeback following last week’s crypto market slump by almost doubling its price from a low of $4 USD to a high of $8.50 USD according to CoinMarketCap after a series of partnerships. From the announcement about partnering with Fanghuwang, to this week’s announcement of support from Breyer Capital, the icing on the cake is the creation of the first accredited disaster recovery plan developed with the help and approval of PwC.
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