Global accounting giant PricewaterCoopers LLP (PwC) has added crypto auditing to the list of the services the company offers as it looks to expand into an asset class that is quickly adopting the accoutrements of traditional finance.
According to Ralph Weinberger, head of the firm’s Global Assurance Methodology, Learning and Education Organization, over the past year, teams across PwC have been busy designing tools that could match the private keys and public addresses that are assigned to digital asset accounts.
Lack Of Crypto Auditing Services Has Stopped Institutions From Entering The Market
Weinberger noted that auditing tools would not be able to access the unique alphanumeric security codes that secure each key. However, they will allow PwC to verify that an entity is the sole owner of the crypto holdings.
The difficulty of verifying cryptocurrency assets has been cited as one of the many reasons why institutional investors have chosen to steer away from the crypto space which has been dogged by cases of market manipulation, fraud and theft. If digital asset firms can get an audit sign-off from one of the leading accounting firms in the world, then that will help alleviate some of those concerns.
The crypto market is currently staging an impressive rally the kind last seen back in 2017. Bitcoin has more than tripled since the start of the year. BTC is currently trading at $13,345 after a 17% gain over the past 24 hours.
The latest rally has been aided by a flurry of positive developments including announcements made by the likes of Facebook and JPMorgan of their plans to offer their own tokens based on the blockchain technology.
For now PwC can edit eight crypto coins including Bitcoin and Ethereum.
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