PwC partners with Cred to build trust in cryptocurrency

PWC
Danielle Alston of Union City, Tennessee, center, talks on her cell phone outside the PricewaterhouseCoopers offices at 300 Madison Avenue in New York, Friday, August 25, 2006. Her mom, Beverly Alston, stands at left. Photographer: Daniel Acker/Bloomberg News.

PwC has partnered with Cred, a decentralized global lending platform, to create a better marketplace understanding of the cryptocurrency ecosystem.

Together with Cred, which gives cryptocurrency-backed loans in non-digital currency, PwC aims to speed up progress towards better crytpocurrency standards that build public confidence and trust in the asset. According to the firm, investors are looking for crypto assets that can be tied to a stable traditional currency such as the U.S. dollar, but these assets require a reserve ledger built for decentralized assets that can provide 100 percent transparency and value substantiation. The Big Four firm states that its experience will provide “valuable perspective on how standards can be enhanced to facilitate a more transparent set of reserve functions, stablecoins and deposit and yield products.” The firm will also provide insights on governance, security, risk management, and controls aimed at helping shape the future of the ecosystem and associated industry practices.

“We are excited to work 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,” stated Grainne McNamara, U.S. blockchain and cryptocurrency leader for PwC. “We are eager to leverage our proven industry experience to support a quickly developing asset class and its associated market infrastructure components. We believe this exploration of the blockchain infrastructure and associated operational frameworks can help the industry develop an increased level of comfort.”

“PwC’s commitment to the crypto community at large sends a very strong message to retail investors, mainstream financial services providers and the crypto enthusiasts that the world is moving toward decentralization, transparency and accountability in a system that will evolve beyond the need for trusted intermediaries,” added Cred co-founder and president Dan Schatt. “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.”

For more on PwC’s outlook on cryptocurrency, click here.

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