ChainSecurity Partners With PwC Switzerland
ChainSecurity is now a partner of PwC’s branch in Switzerland. The partnership is towards the enhancement of the services offered by PwC. According to a spokesperson from PwC Switzerland, there was no acquisition but ChainSecurity teams (the core delivery and development teams) joined the firm.
PwC Switzerland hopes to become the leading company in smart contract auditing through the team of ChainSecurity that joined the company, says a press release published on January 5. An official of PwC, Andreas Eschbach, said the focus of ChainSecurity’s team is to accelerate the blockchain audits of PwC Switzerland, as well as technical audits of smart contracts and blockchain platforms, and risk hedging services for customers with cryptocurrency assets.
It was maintained that both the COO and CTO of ChainSecurityare going to lead the company’s Smart Contract Assurance team of the company together. Konradin Krieger of PwC said the company anticipates a quick increment in market demand as blockchain becomes more mainstream.
He further said the company has shown its readiness to build its capabilities around blockchain such that it becomes a leader in the market. He maintained the readiness of the firm to ensure the team’s growth in anticipation of the needs that come with market development.
Krieger said the legal capabilities of PwC Switzerland will be combined with the technical capacities of ChainSecurity to meet the needs of the company’s customers. The official website of ChainSecurity has been able to secure more than $1 billion through its remarkable blockchain projects.
Based on the press release, ChainSecurity has partnered with over 75 blockchain firms. A report released in recent times maintained the discovery of security vulnerability in an Ethereum update by the team. This led to the postponement of the hard fork, thereby preventing the addition of the vulnerability to the blockchain.
The growth of smart contracts is beyond anticipated and is experiencing wider adoption. However, people are focusing more on the security of such contracts because the exploitation of a flawed smart contract may be tragic. For instance, in June 2016, the DAO theft led to the loss of close to $60 million in crypto assets due to smart contract vulnerability.