PwC, one of many greatest accounting companies companies in the world, is teaming up with cryptocurrency startup Cred to develop requirements that may build trust in the wild and woolly crypto ecosystem.
The objective is to put requirements in place to assist the following 10 million customers of cryptocurrency belongings. It’s one other signal that blockchain and cryptocurrency have hit the large time. IBM lately mentioned it had 1,500 individuals engaged on blockchain tech.
In July, Cred launched a cell app that permits individuals to make investments small quantities of cash in cryptocurrencies. The iOS and Android app is aimed toward fixing issues round entry and transparency related with shopping for cryptocurrencies.
“We are excited to work with Cred to help increase industry awareness regarding how the asset-backed digital token ecosystem can be secured and scaled on behalf of participants along the digital asset value chain,” mentioned Grainne McNamara, U.S. blockchain and cryptocurrency chief at PwC, in a press release. “We are eager to leverage our proven industry experience to support a quickly developing asset class and its associated market infrastructure components. We believe this exploration of the blockchain infrastructure and associated operational frameworks can help the industry develop an increased level of comfort.”
Many traders are in search of crypto belongings that may be pegged to a steady fiat foreign money such because the U.S. greenback, however these belongings require a reserve ledger constructed for decentralized belongings that may present 100 p.c transparency and worth substantiation, PwC mentioned. That means it wants to be backed with actual belongings that individuals can trust.
PwC’s expertise will present invaluable perspective on how requirements may be enhanced to facilitate a extra clear set of reserve capabilities, stablecoins, and deposit and yield merchandise. PwC may also present invaluable insights on governance, safety, danger administration, and controls to assist form the way forward for the ecosystem and related business practices.
“PwC’s commitment to the crypto community at large sends a very strong message to retail investors, mainstream financial services providers and the crypto enthusiasts that the world is moving toward decentralization, transparency and accountability in a system that will evolve beyond the need for trusted intermediaries,” mentioned Dan Schatt, Cred president, in a press release. “This will help the ecosystem evaluate key considerations as standards are enhanced relative to the creation and management of stablecoins and universal digital assets that support mass adoption of crypto assets.”