PwC Hong Kong collaborates with Loopring Foundation
Joint initiative to explore standards and practices to support future security tokens and stablecoins.
PwC Hong Kong, a member of the PwC global professional services network, has formed a joint research initiative with Loopring, a blockchain research organisation focusing on decentralised trading protocols. The initiative is tasked with understanding the key factors and practices essential for building confidence and trust in the future crypto ecosystem. Areas of focus will include standards and practices relating to security tokens and stablecoins, as well as the enabling blockchain technology.
William Gee, PwC China / Hong Kong Risk Assurance Emerging Technology Leader commented,
“We are excited to be working with Loopring. Together, we will help increase industry awareness of how the digital asset value chain can be enhanced in response to the emerging class of security tokens. We will be looking to promote standards and practices, as well as related enabling technologies that will support this emerging ecosystem. Through our combined exploration of the blockchain infrastructure and associated operational framework, we aim to build trust in the industry.”
The emergence of asset backed security tokens is leading to fresh prospects for investors, seeking crypto assets that can be pegged to a stable fiat currency. These new opportunities are enabled by the full transparency and value substantiation that blockchain provides. PwC’s accumulated expertise in Fintech will provide valuable perspectives on how current standards can be enhanced to support such important developments in digital assets. Further, PwC will also provide valuable insights on governance, security, risk management, and controls to help shape the future of the ecosystem and associated industry practices.
Daniel Wang, Founder of Loopring commented,
“As the world moves towards decentralisation, transparency and accountability in the digital ecosystem need to be enhanced to provide trust to the participants. PwC’s involvement will complement Loopring’s technology capability and help the ecosystem to define higher standards relative to the creation and management of stablecoins and security token offerings that will be essential for future mass adoption of crypto assets. Loopring’s decentralised trading protocol and patents will significantly lower the cost of trust in digital asset trading for both users and regulators. The level of security and auditability empowered by the Loopring Protocol will play an essential role in Regtech applications.”
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