PricewaterhouseCoopers, better known as PwC, a multinational audit and consultancy firm has bought a minority stake in VeChain for not less than $2.7 billon according the official press release from the 4th of May.

VeChain Global Technology Holding Limited is a blockchain service provider, specialized in IoT (internet of things), supply chain management and anti-counterfeiting.

PwC Hong-Kong and PwC Singapore are two subsidiaries of the mother company, and reportedly these were the ones that acquired ownership interest in VeChain in order to utilize the IoT network of the crypto startup. Raymund Chao, CEO of PwC Asia Pacific said:

“We are glad to establish a deeper relationship with VeChain, which aims to build a trusted and distributed business ecosystem to help address long-standing challenges in supply chain management, food trust and anti-counterfeiting areas. VeChain’s mission aligns with PwC’s purpose of solving important problems and building trust in society.”

This strategic partnership between PwC and VeChain is another great example how the influential companies are dipping their toes in the crypro scene by utilizing blockchain protocols. The reason why this is positive is because a giant firm like PwC would easily be able to start from ground-up and build their own blockchain solutions, but using an already existing one just proves how important the work that the currently existing crypto startups doing.

Currently VEN is ranking as the 15th largest Digital Asset worldwide according to market capitalization and partnerships like these could potentially solidify a good position.