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Big Four firms increasingly tapped for Initial Coin Offerings - Consultancy.uk

Published 2 years ago

Big Four firms increasingly tapped for Initial Coin Offerings - Consultancy.uk

Consultancy.uk via consultancy.uk

After a fork in Bitcoin recently led to the creation of Bitcoin Cash, a separate cryptocurrency, clients of the world's four largest professional services firms are expanding their interest in the blockchain sector. According to representatives from Deloitte, EY, KPMG and PwC, existing and prospective clients are beginning to ask questions about initial coin offerings (ICOs), the process by which public blockchain technologies can be leveraged to create custom cryptocurrencies that are subsequently sold to fund projects. Now, resulting from a “fork” in Bitcoin’s blockchain, Bitcoin Cash sees businesses presented with a new opportunity to enter the market. Instead of creating a totally new cryptocurrency (and blockchain) starting at block 0, a fork just creates a duplicate version that shares the same history. So all past transactions on Bitcoin Cash’s new blockchain are identical to Bitcoin core’s original, with future transactions and balances being totally independent from each other. According to Eamonn Maguire, who leads KPMG's Digital Ledger Services division, the firm has received a number of requests to work with entrepreneurs seeking to become the next Tezos or EOS, both projects that have raised hundreds of millions by selling cryptographic tokens. Big Four rivals Deloitte and EY likewise indicated that they were receiving increasing interest on the topic, with the firms confirming to the press that new conversations with "wealth and asset managers" had taken place, on how they can begin managing cryptocurrencies and ICO tokens. Because most exchanges aren’t accepting deposits yet, the only Bitcoin Cash available to trade is currency that was credited by exchanges after the fork. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

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