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.
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