PwC launches digital asset services

PwC, Z/Yen to study blockchain’s potential in wholesale insurancePwC, Z/Yen to study blockchain’s potential in wholesale insurance

PwC Embankment Place 3, London

London, UK-based multinational professional services network PricewaterhouseCoopers (PwC) has launched a new financial technology (fintech) capability called Vulcan Digital Asset Services to allow digital assets to be utilized for commerce, everyday banking and asset-related services, according to a digital identity company Netki-issued press release CoinReport received.

Vulcan is by PwC in cooperation with Los Angeles-based Netki; San Francisco-based blockchain integration, reporting, compliance and analytics provider Libra and Chicago-headquartered enterprise blockchain solutions provider Bloq.

Vulcan services include:

  • Wallets: highly secure cryptocurrency wallets using a variety of security measures including multi-signature technology to protect customers and their assets.
  • International payments: an extensive range of cryptocurrency offerings, including buying and selling and sending and receiving cryptocurrencies, remittance and international money transfer.
  • Crypto Investment and trading: the ability to create derivative investment and trading products associated with crypto and cryptocurrencies.
  • SmartMoney: the ability to create programmable cryptocurrency, locking down the user, use, timing and location of cryptocurrency payments.
  • Tax and regulatory reporting services: support cryptocurrency transactional processes with proper reporting and compliance services

Soon, said the press release, Vulcan services will also include:

  • POS/merchant services: payment processing without the need for customers to have an account with a third party provider.
  • Rewards-based platforms: the ability to treat rewards as cryptocurrencies and distribute and leverage these within larger reward ecosystems.
  • Native cryptocurrencies: the creation of industry and client-specific digital coins for use in private permissioned blockchains.

The Vulcan platform allows fintech startups as well as established innovative technology companies to gain access to the global client base of PwC and co-develop new product offerings.

Before its launch, Vulcan had received significant attention. Currently, an international banking group and a central bank are piloting the platform. An airline and another three multinational banks are also currently assessing it.

Robert Allen, PwC director and Vulcan lead, said of the new PwC capability in the press release, “Vulcan is a cloud-based platform that enables banks and corporates to offer a suite of new digital currency related products and services to individual, retail and institutional customers within a trusted, transparent and compliant ecosystem.  It is the first of its kind globally and has been created to bring digital assets and currency to the mainstream.

“We’ve created Vulcan because at PwC we believe new technology supported by advances in cryptography and network computing – particularly blockchain – will transform the consumer, government and financial market industries and shape the next generation of money.”

Netki CEO Justin Newton said on the occasion, “Vulcan’s platform provides institutions with the ability to use Netki’s identity standard, to immediately comply with existing regulatory requirements. Netki provides the only open standards way to meet sanctions list and other risk and compliance needs around knowing your customer’s counterparty.  By bringing together best of breed solutions around identity, reporting and security services, Vulcan enables the effective deployment of complete blockchain-based applications and services.”

Image via Press Room on PwC’s website