PricewaterhouseCoopers (PwC) Switzerland has taken over smart contract audit firm ChainSecurity, folding the company's technology and its expertise into the Big Four accounting firm, reported Cointelegraph on January 12th.
In what seems like an acquisition in all but name, the seven technical engineers are joining the accounting firm to bolster PwC Switzerland’s smart contract audit abilities.
With the acquisition of ChainSecurity, PwC Switzerland aims to position itself as a leading smart contract assurance provider.
“As part of PwC Switzerland, the ChainSecurity team will focus on accelerating PwC Switzerland’s blockchain audits, including technical ones, checks of smart contracts and blockchain platforms as well risk protection services for customers who own crypto systems,” said Andreas Eschbach, Partner and Leader Risk Assurance Services at PwC Switzerland.
ChainSecurity is a spin-off from the ICE Centre, an R&D lab at ETH Zurich, a leading university in Europe. The firm has over 75 blockchain companies as clients including stable coin issuer Paxos, and blockchain protocols Polkadot and Zilliqa.
The firm develops custom security solutions for blockchain projects, identifies vulnerabilities and verifies the functional correctness of smart contracts, blockchain platforms, and protocols. Previously, the ChainSecurity team discovered a vulnerability in an Ethereum upgrade, preventing a major breach in January 2019.