PwC Switzerland is said to be buying out ChainSecurity AG. PwC expects that this deal will serve to expand Switzerland’s leading international role in blockchain technology.
ChainSecurity AG, founded in 2017, is a blockchain startup spun out of the ICE center, ETH Zurich, a leading research lab in blockchain security. ChainSecurity is a provider of products and services for securing smart contracts and blockchain protocols and conducts research and development in the areas of security, program analysis, and machine learning. It is the company behind the smart contract analyzer Securify and the smart contract verifier VerX
With the takeover of the startup, PwC intends to play a pioneering role in the review of blockchains and smart contracts. The cooperation is also intended to further expand Switzerland’s blockchain location. Chainsecurity saved Ethereum from disaster last year.
The Chainsecurity team will continue to collaborate with the federal institute and work with its new employer to upgrade PwC Switzerland’s tools and make them more compatible with formal verification, or the mathematical proofs that test mission-critical source code to ensure it operates as programmers intended.
“For smart contracts in general, one can say that they represent modern business logic for companies, if a stablecoin has a bug, you could create coins that are not properly backed by collateral.” said Hubert Ritzdorf, former chief technology officer at ChainSecurity.
The clients that come to PwC Switzerland for blockchain audits tend to be majority enterprises from banking, manufacturing and trading, said Andreas Eschbach, partner and leader of risk assurance for PwC Switzerland and Europe.