First Bitcoin Payment Accepted By ‘Big Four’ Accounting Firm PWCbr>
Accounting firm PricewaterhouseCoopers (PWC) has accepted its first bitcoin payment for advisory services.
PwC’s Hong Kong office revealed it is working with a number of startups involved in cryptocurrency and blockchain technology, prompting them to accept bitcoin. The firm also confirmed its advent into advising clients about crypto funds and investments, cryptocurrency exchanges and initial coin offerings (ICO).
PwC Asia-Pacific chairman Raymund Chao said this decision helps illustrate how they are embracing new technology and incorporating innovative business models across their full range of services. He added that it is also an indication that bitcoin and other established cryptocurrencies have now developed into more broadly accepted forms of settlement.
Formed in 1998 by a merger between Coopers & Lybrand and Price Waterhouse, PwC is a multinational professional services network headquartered in London, United Kingdom. It is the second largest professional services firm in the world, and is one of the Big Four auditors, along with Deloitte, EY and KPMG. It has a network of firms in 157 countries, 743 locations, with 223,468 people. The company’s global revenues were $37.7 billion in 2017, of which $16 billion was generated by its assurance practice, $9.46 billion by its tax practice and $12.25 billion by its advisory practice. PwC provides services to 422 out of 500 Fortune 500 companies.