The Tezos Foundation has engaged the services of major audit firm PricewaterhouseCoopers (PwC) Switzerland to conduct an independent audit of the Tezos Foundation’s finances and operations.
Considered one of the “Big Four” audit firms, PwC will review Tezos Foundation’s finances. Tezos is holding hundreds of millions of dollars worth of cryptocurrencies as well as additional assets that were raised from the project’s ICO in the summer of 2017. At the time, the ICO was a record-breaker.
Following a major reshuffle earlier this year after months of infighting between former Tezos Foundation President Johann Gevers and Tezos creators Arthur and Kathleen Breitman, the audit is a move aligned with the Tezos Foundation’s 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 been active in participating in the distributed ledger technology (DLT) space. The firm has provided in-house blockchain services to clients interested in this emerging technological field. The firm’s Asia-based offices have gone even further into blockchain and cryptocurrency. PwC Hong Kong began accepting cryptocurrency payments last year and, along with PwC Singapore, has invested in cryptocurrency startup VeChain.
The partnership with Tezos marks the first time that a Big Four auditor has accepted a large-scale blockchain organization as a client. This move could indicate that the mainstream financial services industry is slowly becoming more comfortable with cryptocurrency.
However, the announcement has other implications. Recently, cryptocurrency startup Tether said could not undergo a full balance-sheet audit because, according to Tether’s legal counsel, auditors were too risk-averse to take on cryptocurrency clients. The revelation that PwC is not opposed to auditing blockchain firms makes Tether’s statements suspect and may spur demands for a full audit.