UK based professional services firm, PwC announces collaboration with Cred, the co-founder of UP Alliance and a new USD stablecoin in a bid to help the cryptocurrency marketplace enhance confidence and trust standards in the crypto ecosystem to usher in the next 100 million users of digital assets.
Speaking about the collaboration, Grainne McNamara, US Blockchain and Cryptocurrency Leader at PwC said
“We are excited to work with Cred to help increase industry awareness regarding how the asset backed digital token ecosystem can be secured and scaled on behalf of participants along the digital asset value chain. We are eager to leverage our proven industry experience to support a quickly developing asset class and its associated market infrastructure components. We believe this exploration of the blockchain infrastructure and associated operational frameworks can help the industry develop an increased level of comfort.”
PwC also posted findings that investors in the cryptocurrency space are looking for stable fiat-pegged cryptocurrencies with USD the preferred choice, but such assets need a reserve ledger that can provide 100 percent transparency and value substantiation. PwC with its experience and insights on risk, security, governance and management will provide a valuable outlook to enhance the standards to facilitate a transparent set of stablecoins and shape the future of the ecosystem and associated industry practices.
Dan Schatt, Cred co-founder and President also spoke about the collaboration
“PwC’s commitment to the crypto community at large sends a very strong message to retail investors, mainstream financial services providers and the crypto enthusiasts that the world is moving toward decentralization, transparency and accountability in a system that will evolve beyond the need for trusted intermediaries. This will help the ecosystem evaluate key considerations as standards are enhanced relative to the creation and management of stablecoins and universal digital assets that support mass adoption of crypto assets.”
Cred is a decentralized global lending platform that facilitates open access to credit anywhere and anytime and has secured over $250,000,000 of lending capital with offices in San Francisco, Shanghai, Singapore, Sydney, and Munich. Cred’s mission is to harness the power of blockchain to allow everyone to benefit from low-cost credit products. Cred brings together a diverse team of entrepreneurial leaders, machine learning, and the power of blockchain technology.
Cred is a founding member of the UP Alliance, whose members include Uphold, Blockchain at Berkeley and Brave, is a universal transparent reserve standard that introduces ‘Universal’ digital assets to the world via the Universal Protocol Platform (UP Platform). The UP Platform, backed by a group of leading institutional investors, serves as the hub for the creation and management of USD Stablecoins, universal tokens and user features that will drive mass user adoption of cryptocurrencies.
2018 is the year of Stable coins, with developments like Crypto collateralized stable coin Maker Dao receiving funding from Andreessen Horowitz to the launch of regulated stable coins from Gemini, and Goldman backed Circle, the utility of stable coin is clear.
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