PwC Partners With Cred To Boost Trust In Crypto Space

News | October 10, 2018 By:

Auditing firm PricewaterhouseCoopers (PwC) has formed a joint business relationship with blockchain lending platform Cred to develop standards that will build confidence and trust in the crypto ecosystem.

Headquartered in London, PwC is a multinational professional services network. It ranks as the second largest professional services firm in the world behind Deloitte, and is one of the Big Four auditors, along with Deloitte, EY and KPMG. It has a network of firms in 158 countries, 743 locations, with more than 236,000 employees serving in quality assurance, advisory and tax service positions.

Founded by former PayPal financial technology veterans, Cred a decentralized global lending platform that facilitates open access to credit anywhere and anytime. Its mission is to harness the power of blockchain to allow everyone to benefit from low-cost credit products. It is one of the founding members of the Universal Protocol Alliance, a universal transparent reserve standard that introduces ‘Universal’ digital assets to the world via the UP platform.

Under the partnership, PwC will bring its expertise to help Cred develop more rigorous “standards” for stablecoins, a cryptocurrency pegged to a stable asset, such as gold or fiat currencies. The auditing firm will also provide valuable insights on governance, security, risk management, and controls to help shape the future of the ecosystem and associated industry practices. The companies’ mission is to “usher in the next 100 million users of crypto assets” by bringing more trust to investors.

Grainne McNamara, US Blockchain and Cryptocurrency Leader at PwC, said that they will be working 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.

“We are eager to leverage our proven industry experience to support a quickly developing asset class and its associated market infrastructure components,” McNamara said. We believe this exploration of the blockchain infrastructure and associated operational frameworks can help the industry develop an increased level of comfort.”

Dan Schatt, Cred co-founder and President, said that PwC’s commitment to the crypto community at large sends a very strong message that the world is moving toward decentralization, transparency and accountability in a system that will evolve beyond the need for trusted intermediaries.

“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,” Schatt said.