ChainSecurity Partners With PwC To Enhance The Services Provided By The Global Auditor

ChainSecurity, the smart contract auditing team, partnered with PwC, the Swiss branch of Big Four auditing firm, to enhance the services the global auditor provides.

PwC partners with ChainSecurity#crypto #ethereum #decentralization #bitcoin #blockchain #ledger #cryptoasset #sto #cryptocurrency #libra — KrisBB (@KrzysztofBB) January 13, 2020

It has been reported that a PwC spokesperson explained in an e-mail that no acquisition took place and multiple ChainSecurity teams joined the firm. 

However, according to a press release published by the firm on January 5, PwC hopes that, with ChainSecurity’s team, the firm will become “the world’s leader in smart contract auditing.”

Andreas Eschbach, the Head, and Partner of risk auditing of PwC Switzerland and Europe, said in an e-mail:

“As an integral part of PwC Switzerland, the team of ChainSecurity will focus on accelerating PwC Switzerland blockchain audits, including technical audits of smart contracts and blockchain platforms as well that risk hedging services for customers with crypto assets.”

Likewise, Konradin Krieger, the Manager, and Leader of the PwC team of external communications explained that no actual acquisition took place. He also explained that “the core delivery and development teams from ChainSecurity joined PwC Switzerland.”

Krieger noted that Matthias Egli, the COO of ChainSecurity, and Hubert Ritzdorf, the CTO, will be leading the firm’s Smart Contract’s Assurance team together.

He also said:

“We expect market demands to increase quickly as blockchain becomes more mainstream and, as demonstrated with bringing in the ChainSecurity team, we are very invested in building up our capabilities around blockchain in a way where we are ahead of the market. We will continue to grow the team to anticipate these needs based on how we see the market developing.”

When asked about how the capabilities of ChainSecurity’s team will be employed by PwC, Krieger explained that the firm’s customers need a combination of technical and legal skills that can be provided by combining the two companies.

He explained:

“While ChainSecurity previously was only able to offer their technical expertise, in connection with PwC Switzerland they can offer a more useful and more coherent service to their customers. […] PwC’s broad competences around regulatory concerns, ranging from data privacy over compliance to KYC/AML, enable the newly joint team to offer broader and more comprehensive services.”

So, according to its official website, ChainSecurity spun off from the ETH Zurich University’s ICE center blockchain security laboratory and secured over $1 billion in funds so far from major blockchain projects. The team is comprised of PhDs and graduates from ETH Zurich with experience in cybersecurity, program analysis, and machine learning.

As per the press release, ChainSecurity has collaborated with more than 75 blockchain companies. As it has been reported, the team also discovered a security vulnerability in an Ethereum update.

Thus, the discovery resulted in the developers postponing the hard fork and prevented the vulnerability from being added to the blockchain.

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