Switzerland audit firm, PricewaterhouseCoopers (PwC) one of the big four accounting firms has partnered ChainSecurity’s team, folding the company’s technology and its expertise to enhance the services the global auditor provides.
The partnership which looks like a total takeover has been debunked to not be a total acquisition by a PwC spokesperson however, the seven technical engineers are joining the accounting firm to bolster PwC Switzerland’s smart contract audit abilities.
PwC however, in a press release said that with the ChainSecurity’s team, they hope that the firm will become the world’s leader in smart contract auditing.
Reportedly, ChainSecurity has conducted more than 75 smart contract and blockchain audits globally and has had a long relationship with PwC Switzerland.
ChainSecurity team will continue to work alongside the federal institute and work with its new employer to upgrade PwC Switzerland’s tools and make them more compatible with formal verification.
The ChainSecurity team
ChainSecurity team reportedly 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 security team comprises of PhDs and graduates from ETH Zurich with experience in cybersecurity, program analysis and machine learning. The security company reportedly collaborated with over 75 companies in the past.
ChainSecurity team earlier in January discovered a security vulnerability in an Ethereum update which resulted in the developers postponing the hard fork and prevented the vulnerability from being added to the blockchain.
Switzerland audit firm blockchain audit clients’ overtime has been said to be enterprises from banking, manufacturing and trading. Andreas Eschbach, PwC Switzerland and Europe head and partner of risk auditing said.
“It has grown out of the startups and is becoming popular among companies that have been around 80 years plus,” Eschbach said.
With the legal expertise of PwC, the ChainSecurity team can now go further than it was able to before in its analysis of smart contracts.