The controversial Tezos Foundation will be under the radar of the leading professional services giant PricewaterhouseCoopers Switzerland (PwC). The ‘Big Four’ is commissioned to do an external audit of Tezos’ finances and operations.
Based on reports, the Foundation is the “first large-scale blockchain” group that will be audited by PwC.
PwC, whose main office is in London, UK, is one of the ‘Big Four’ or four biggest professional services networks around the globe.
Popularly recognized as a “self-amending” blockchain, Tezos has attained about $232 million in funds in July 2017, the largest-ever value raised during that time for an initial coin offering.
Since then, this multi-million project received several lawsuits, launch delays, and later pursued its beta network launch on June 30 this year.
Currently, with the external audit in place by one of the “Big Four” firms, the project is set to show its commitment to operate with the highest degree of integrity. Hiring PwC enables the Tezos community to show that their operations are trustworthy, including the allocation of finances, as noted by the Foundation.
Sometime in March, PwC shared its plans of launching a blockchain auditing service for the crypto industry, noting some companies have approached even before the official release.
In May, PwC bought a minority share in a Chinese blockchain startup VeChain, which focuses on anti-counterfeiting, supply chain management, and the Internet of Things.
A similar questionable crypto project is Tether (USDT), which cut ties with its auditor Friedman LLP in January 2018. Many speculations rose that the company lacks the necessary funds to sustain its USDT tokens at a 1:1 ratio.