PricewaterhouseCoopers (PwC) popularly know as “Big Four” has taken the bold step thus leaping into the cryptocurrency space by partnering with decentralized lending platform Cred to provide technical expertise in the launch of their USD-backed stablecoin.
The announcement was made on Monday, October 8th and the corporate giant claims that the partnership is a catalyst to boost the American dollar-pegged cryptocurrencies market by bringing more trust to investors.
Often times investors stay away from ‘transparent’ and ‘substantiation’ therefore PwC has provided their expertise to provide solutions to major existing problems associated with the stablecoin market.
“Many investors are looking for crypto assets that can be pegged to a stable fiat currency such as the US dollar, but these assets require a reserve ledger built for decentralized assets, that can provide 100% transparency and value substantiation.”
Grainne McNamara, leader of PwC’s U.S. blockchain and cryptocurrency, aims to provide clients with useful insights on governance, security, and risk management and goes on to comment that the new stablecoin is an attempt to give another push to the development of a “quickly developing asset class” at an “increased level of comfort.”
There have already been a few positive movements in the cryptocurrency sector in the U.S with U.S. venture capital fund Andreessen Horowitz investing $15 million in the blockchain startup MakerDAO (MKR), the firm that backs USD-pegged stablecoin Dai (DAI).
The Winklevoss twins who made headlines earlier this year with their exorbitant investment into cryptocurrency during its early inception and recent founders of crypto trading platform Gemini, acquired permission from New York regulators to launch their own USD-backed stablecoin.