Tezos to be Audited by the Big Four
In a recent announcement, Tezos has said that PricewaterhouseCoopers, a global services conglomerate and part of four of the largest similar services around the world and known as the Big Four. PwC will be undergoing an external investigation into Tezos’ financial records and operational ones as well.
PwC is part of a four-company service network alliance known as the Big Four. Tezos has described itself as a self-repairing platform. The company has raised almost $250 million in its initial coin offering last year, which was the largest ever of its kind. Following its launch, Tezos saw multiple lawsuits filed against the company, delaying the launch several times and eventually it released its beta network last month.
Tezos had vouched to provide full cooperation following the Big Four announcement that PwC will be conducting a stand-alone investigation. Tezos also stated that by cooperating with PwC, it will instill trust and confidence within the community as a means of rebuilding their support of operations and financial activities.
Earlier this year, another announcement was made by PwC. The company stated that a new auditing service will be launched as part of the cryptocurrency industry and several companies have allegedly signed up prior to the launch. The company then purchased a stake in VeChain, a blockchain project in China with an intense focus on fighting counterfeiting attempts, management of supply chains and IOT.
Tether was another topic of great debate and discussion after its audit with Friedman revealed that the company doesn’t have the required financing to support the 1 to 1 ratio between its coins and USD.