📈 69% of S&P 500 stocks beating the index - a historic record! Pick the best ones with AI.See top stocks

WISeKey forms SEALCOIN AG for decentralized tech project

EditorBrando Bricchi
Published 2024/07/02, 19:22
WIHN
-

ZUG, Switzerland - WISeKey International Holding Ltd (SIX: WIHN, NASDAQ: WKEY), a notable cybersecurity and IoT company, today announced the initiation of a Special Purpose Vehicle (SPV), SEALCOIN AG, to further its decentralized technology project, SEALCOIN. The incorporation of this subsidiary is slated for completion in early July 2024 in collaboration with The Hashgraph Association, which will also become a strategic investor in the endeavor.

SEALCOIN AG, based in the Swiss canton of Zug, will focus on the Transaction-IoT market and aims to set new standards for secure and efficient decentralized transactions. The project, which started as a proof of concept at WISeKey’s semiconductor arm, SEALSQ Corp (NASDAQ: LAES), in January 2024, is now poised to leverage WISeKey’s extensive expertise in cybersecurity.

Carlos Moreira, CEO of WISeKey, emphasized the strategic move, stating that the SEALCOIN project will benefit from both SEALSQ’s semiconductor knowledge and WISeKey’s cybersecurity experience. He expressed anticipation for the launch of the SEALCOIN platform and tokens.

The partnership with The Hashgraph Association is expected to integrate SEALCOIN’s advanced decentralized solutions with Hedera's leading Distributed Ledger Technology (DLT) infrastructure. This coalition is aimed at creating a robust Decentralized Physical Infrastructure Networks (DEPIN) ecosystem, with the potential to transform the IoT landscape.

In line with Switzerland's robust blockchain and DLT regulatory frameworks, SEALCOIN AG will adhere to the guidelines set by the Swiss Financial Market Supervisory Authority (FINMA). The rollout of the SEALCOIN platform and tokens is contingent upon the completion of necessary regulatory processes in applicable jurisdictions.

WISeKey's strategic direction involves securing digital identity ecosystems through Blockchain, AI, and IoT technologies, with a deployment of over 1.6 billion microchips across various IoT sectors. The company is trusted for secure online transactions between objects and people, backed by the OISTE/WISeKey cryptographic Root of Trust.

This news is based on a press release statement from WISeKey International Holding Ltd.

InvestingPro Insights

As WISeKey International Holding Ltd (NASDAQ: WKEY) forges ahead with its SEALCOIN AG project, a glance at the company's financial health and market performance provides investors with a clearer picture of its current standing. WISeKey's market capitalization stands at a modest 13.6 million USD, reflecting the size of the company within the technology and cybersecurity sector.

One of the most notable InvestingPro Tips for WISeKey is its ability to maintain more cash than debt on its balance sheet, a reassuring sign for investors concerned about the company's liquidity and financial resilience. Additionally, WISeKey is trading at a low Price / Book multiple of 0.48 as of the last twelve months ending Q4 2023, which could indicate that the stock is potentially undervalued relative to its book value.

InvestingPro Data further reveals a significant revenue growth of 29.83% over the last twelve months as of Q4 2023. However, it's worth noting that the company has been quickly burning through cash, which may raise concerns about its long-term sustainability. Moreover, the stock has experienced a large price uptick of 33.0% over the last six months, yet it still remains 39.91% below its 52-week high, suggesting that the market has not fully recognized the company's recent developments.

For investors seeking a deeper analysis of WISeKey and its prospects, additional InvestingPro Tips are available at InvestingPro. Utilize coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking further insights and data that could guide investment decisions. InvestingPro lists 15 additional tips for WISeKey, offering a comprehensive outlook on the company's performance and potential.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.