PriceWaterhouseCoopers goes all out on Bitcoin

2016 is rapidly becoming the year during which large institutions are beginning to invest substantially in Blockchain technology, the integral transaction database within Bitcoin that is shared by all nodes participating in a system based on the Bitcoin protocol. Until two years ago, Bitcoin was the preferred subject of mavericks and anarchists wishing to create […]

bitcoin

2016 is rapidly becoming the year during which large institutions are beginning to invest substantially in Blockchain technology, the integral transaction database within Bitcoin that is shared by all nodes participating in a system based on the Bitcoin protocol.

Until two years ago, Bitcoin was the preferred subject of mavericks and anarchists wishing to create their own peer-to-peer system which would remain a ‘community’ rather than a recognized global business, in order to operate their own commercial system which in some respects flew in the face of traditional fiat tender and central banks.

Then came the regulators in some of the world’s top jurisdictions, including Switzerland’s FINMA, and New York State’s financial services regulatory body, who both almost simultaneously granted regulatory licenses for Bitcoin technology and exchange firms, giving rise to a whole new ecosystem which included bona fide exchanges, ATM networks and the legitimization of Bitcoin as a real instrument.

The most interesting aspect of Bitcoin, however, is the underlying technology, particularly Blockchain, which has attracted the attention of large, mainstream venture capital investors to the tune of hundreds of millions of dollars in order to spur the development of such technology for other purposes, notably institutional banking.

As 2016 got underway, FinanceFeeds reported that the large banks had begun investing large sums of capital in the development of Blockchain technology for the future automation of specific banking procedures, and now it is the turn of the large management consultancies and professional services firms.

PriceWaterhouseCoopers has now joined the fold, having yesterday announced that has established a new team which is dedicated to exploring Blockchain technology, just shortly after rival McKinsey called for bank collaboration on Blockchain.

The new team consists of 15 technology specialists which have been recruited by PriceWaterhouseCoopers to ‘exploit and commercialize’ blockchain technology.

PriceWaterhouseCoopers senior partner and Fintech expert for the EMEA region Steve Davies considers this technology ideal for governments, banks and institutions which would look toward blockchain technology for their storage and distribution solutions.

Mr. Davies made a commercial statement yesterday on the company’s decision to explore Blockchain at this level.

“There’s clear evidence that banks, institutions and even governments are looking at blockchain technology as a secure storage and distribution solution.”

“Now there is growing interest and a real demand from our clients to help understand the implications of blockchain and how to respond to it. So, as the blockchain juggernaut continues to gather pace, PwC will be well placed to service our clients’ needs at a global level.”

“PwC is now breaking new ground in developing radical FinTech solutions and these appointments represent the first stage of our plans to grow a world-class Fintech offering.”

“We expect the initial core team of 15 experts to grow rapidly, with PwC in Belfast continuing to expand, exploit and deliver technology and digital solutions to global clients.”

 

Image courtesy of Jason Benjamin @PerfectHue, Flickr.

Read this next

Digital Assets

Ripple and Lithuanian FINCI partner for XRP-based payments

Ripple is looking to expand its presence in Europe, forming a new partnership with Lithuanian electronic money institution FINCI.

Digital Assets

Crypto.com enables Shopify merchants to accept crypto payments

Crypto.com has integrated with Canadian e-commerce giant Shopify so global merchants can accept crypto payments and save on processing fees through cash-final settlements.

Institutional FX

FX volume drops 13pct at CLS Group in April 2022

FX settlement specialist CLS Group today reported that the executed volumes of currency trading on its platforms were notably down in April.

Crypto Insider, Opinion

Regulation: The Gold-Standard for Crypto-Assets

When the US supervisory authority SEC allowed an investment product referencing Bitcoin futures to be traded for the first time last October, this was widely perceived as a signal that cryptocurrencies had finally become established as an asset class.

Executive Moves

Solid hires FX industry veteran Darren Barker for multi-bank ECN’s business development

His curriculum vitae includes former roles at Cantor Fitzgerald, Sucden Financial, R.J. O’Brien, Jefferies, Natixis, Unicredit, J.P. Morgan, Raiffeisen, RBS International, UBS, Deutsche Bank, and Citi. 

Inside View

Mihails Safro, xpate CEO: Tips sellers need to know to overcome compliance obstacles

The unprecedented growth of e-commerce changed shopping dramatically last year. Many sellers suddenly faced a rapidly growing number of customers who had to stay home during the lockdown. When some clients adopted Netflix and Spotify as part of a daily routine, others ventured into online business. Robinhood alone saw a whopping 6 million rise in user numbers in 2 months. 

Institutional FX

BMLL delivers Level 3 data to Kepler Cheuvreux for order book analytics and algo performance

The solution covers more than 6.5 years of harmonised historical data from 65 venues and combines it with easy to use APIs and analytics libraries in a secure cloud environment. 

Digital Assets

Crypto Is An Invaluable Tool In The Fight Against Financial Oppression  

Crypto has proven itself to be much more than just a hot investment. Indeed, some say it’s poised to play a critical role in the future of finance

Executive Moves

Parameta appoints Head of Benchmark and Indices with a focus on ESG and rates

The firm said building out its benchmarks & indices offering will now be a core priority, with a particular focus on the ESG and rates space.

<