PwC To Begin Accepting Crypto Payments in Luxembourg

PwC cryptocurrency payments Luxembourg blockchain

PwC, one of the “Big Four” professional services firms, is to begin accepting payments in cryptocurrency, in a move that underlines their commitment to the sector and underlying technology.

The firm, which serves some of the world’s largest companies, governments and organizations, said it would begin accepting payments in crypto from next month, as a response to growing demand from clients for cryptocurrency payment options.

PwC said the decision demonstrates their commitment to cryptocurrency and blockchain technology, and the “medium to long-term” role cryptocurrencies have to play in the global economy.

The news is significant given PwC’s role at the heart of global commerce, as one of the four major auditing and accountancy firms serving enterprise and institutional clients worldwide.

While there are no details on the specific types of cryptocurrency the firm will accept, PwC is thought to have partnered with a local exchange in Luxembourg to facilitate the transactions.

Thomas Campione, director of blockchain and crypto assets at PwC’s Luxembourg office, said the rollout would provide the firm with a day-to-day understanding of issues around crypto payments which could help them better serve their clients, including “AML/KYC-enhanced due diligence … public/private keys … and risks of custodial solutions.”

The news is far from the first time PwC has registered a vote of confidence in cryptocurrency. Back in 2017, the firm took payment in bitcoin for auditing work in the cryptocurrency sector, while the firm is known to have as many as 400 staff working on “blockchain projects.”

In addition to those staff, PwC also maintains an in-house team of 100 blockchain engineers, with the firm expected to be developing a number of other innovations and approaches to using the technology in practice.

In June, PwC also announced the launch of Halo, an auditing suite for institutional clients to better monitor crypto.

With the news of impending crypto payments through the Luxembourg office, PwC is joining a growing number of the world’s leading firms in accepting cryptocurrency payments.

As more companies and individuals begin transacting in cryptocurrencies for the first time, it is expected that more will follow suit in accepting payments from clients in a range of digital currencies in future.