PwC Switzerland is to buy out ChainSecurity AG. PwC expects that this deal will serve to expand Switzerland’s leading international role in blockchain technology.

ChainSecurity AG is to become part of PwC Switzerland. According to information from the company itself, the deal will see the Swiss subsidiary of the auditing and management consultancy firm PricewaterhouseCoopers (PwC International) become “the global leader for blockchain Smart Contract Assurance”. 

Founded in October 2017, ChainSecurity AG is a spin-off from the Swiss Federal Institute of Technology in Zurich (ETH). The company specializes in identifying weak spots of blockchain projects and the protection of IT systems. It has worked with numerous blockchain companies in the USA, Asia and Europe, while also establishing itself as one of the leading security brands in the process, as detailed in a press release issued by PwC.

Andreas Eschbach, Partner and Leader Risk Assurance PwC Switzerland and Europe, explained in the press release how the ChainSecurity team, as part of PwC Switzerland, will concentrate on the blockchain audits carried out by PwC Switzerland. Technical examinations of smart contracts and blockchain platforms will also fall under the remit of the acquired specialists, as well as services aimed at hedging risks.

This new state of affairs should also inspire the confidence needed for major, regulated companies to place their trust in blockchain technology, the press release states. In this context, Switzerland will build upon its leading international role in this area.

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