PwC Acquires Stake In VeChain, Which Announced Mainnet Launch

Updated On May 5, 2018 by Cameron Bishop

PwC Hong Kong and PwC Singapore have entered into a partnership with VeChain Global Technology Holding Limited (VeChain), a blockchain technology company specialized in supply chain management, Internet of Things, and anti-counterfeiting. In light of this partnership, PwC Hong Kong and PwC Singapore have acquired a stake in VeChain (VEN / VET), which is scheduled to launch its mainnet in June.

PwC, a professional services firm and one of the top four accounting firms in the world, also announced that it is currently having discussions with VeChain to provide trust based services on the VeChain platform. To access the platform and perform transactions, a client has to use VeChain tokens.

Raymund Chao, PwC Asia Pacific and Greater China Chairman opined that this is an important strategic collaboration to provide innovative professional services using blockchain technology.

Chao further 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.”

About PwC Hong Kong and PwC Singapore

PwC China, Hong Kong, Singapore and Taiwan work together on a collaborative basis. Collectively, they have around 800 partners and 20,000 people in total. PwC provide organisations with the professional service they need, wherever they may be located. The highly qualified, experienced professionals listen to different points of view to help organizations solve their business issues and identify and maximize the opportunities they seek.

VeChain mainnet launch

In other news, VeChain has announced that its mainnet will go live at the end of June. The exact launch date is yet to be announced.

Before launching the mainnet, the network will go through a public alpha test phase, which will include participation from several reputed third party code auditors and cyber security firms, both small and large. VeChain will also choose 100 public testers to validate the network. In this regard, from May to early June, VeChain Foundation will accept applications from public alpha testers. The 100 selected testers will have expertise in cybersecurity, enterprise software development, blockchain development, enterprise application testing, etc. VeChain will compensate for the support offered by the public alpha testers for the critical insight offered to the VeChain Core team.

The code base will be available to the public by early June. VeChain community members can perform a Public Beta Test of the code base and wallet at that time. The public beta test will last until the mainnet is launched at the end of June.

The schedule of events leading to the launch of mainnet is as follows:

• Alpha 1.0 – mid April to mid May,
• Alpha 2.0 – mid May  to early June,
• Beta phase, open source code – early June  to end of June.
• Mainnet Launch – end of June

Since the beginning of April, VeChain has appreciated by nearly 140% to trade at about $5.30. In addition to VeChain, Tron (TRX) and EOS (EOS) are also launching their mainnet in June. So, June will be an exciting month for cryptocurrency investors.

Avatar

Cameron works tirelessly behind the scenes ensuring his many US news stories are factual, informative and brought to you in a timely fashion before most other media outlets have them. He is an investigative journalist at heart who also has a fond interest in the money and business markets too.

Comments are closed.