04/11/2019 | Press release | Distributed by Public on 04/10/2019 23:18
WISeCoin Raises an Initial $7 Million on a pre-STO Round of Investment and Convertible Debt
Zug, Switzerland - April 11, 2019: WISeKey International Holding Ltd (WIHN.SW) ('WISeKey'), a leading Swiss based cybersecurity and IoT company, today announced that WISeCoin AG ('WISeCoin'), the company created by WISeKey with the focus to build the infrastructure for secure intra-object interactions using blockchain technology has raised an initial $7 Million on a pre- Security Token Offering (STO) round of investment and convertible debt.
WISeCoin will pursue a STO and will be available from Q2 2019. The securities being issued by WISeCoin are not in any way related to the securities issued by WISeKey.
WISeCoin AG intends to raise a total of CHF 17,587,527 in aggregate in order to further develop its solution, although the Company may increase or decrease this amount in its sole discretion.
WISeCoin will be presenting its strategy and solutions at Blockchain Revolution Global (BRG) Conference. Co-hosted by the Blockchain Research Institute (BRI), the world's leading independent think-tank for Blockchain, and MCI Group, a global leader on building community, the event is the first of a series of global congresses and it will be held in Toronto, Canada at the Metro Toronto Convention Centre on April 24 - 25, 2019.
Unlike other events on Blockchain, BRG focuses on Blockchain's transformation of enterprises, governments and industries. This conference will showcase inspiring talks, provocative and thoughtful sessions and 'brain dates' featuring a roster of global CEOs, practitioners and BRI researchers led by the renowned worldwide thought leaders on Blockchain, Don and Alex Tapscott. Unique in design, a 360-degree stage will create the most integrated and collaborative experience between brands and leaders from 20+ industries, all discussing vertical and horizontal transformations for the global enterprise and government blockchain community.
WISeCoin AG was established in August 2018 to secure the Blockchain and Internet of Things (IoT) world, which due to its continuously increasing size and complexity, is vulnerable to cyber threats. It manages all Blockchain initiatives and operations of WISeKey to pave the way for the daily use of 4th Industrial Revolution technologies. WISeCoin AG benefits from the WISeKey architecture as the first and only vertically integrated platform combining proprietary cybersecurity software and secure microcontrollers designed to protect connected devices against evolving cyber threats.
One of WISeCoin's key milestone is to build a Blockchain of Identity to store the identities of objects and people allowing connected objects the ability to identify, authenticate and verify each other with a digital certificate. For each interaction, the Blockchain of Identity will verify the validity of each digital certificate to secure the interaction and to compensate for the use of the platform, a micro service fee is charged through a utility token, called the WISeCoin token. To complete the offer, each connected object is equipped with WISeKey's Secure Element consisting of a tamper proof silicon chip, called VaultIC184.
WISeCoin is a subsidiary of WISeKey. WISeKey created the WISeCoin platform to further pursue their Blockchain identity strategy. Speaking on the decision to host an STO, WISeKey CEO, Carlos Moreira, discussed how his platform utilizes a wide-range of 'Blockchain enabled microchips' to provide clients with a customizable identification system. He also touched on the importance of increasing your digital identification procedures to adapt to the 'evolving device landscape.'
WISeCoin seeks to revolutionize the world of digital identification via the integration of IoT, blockchain, and AI. The concept is anything but simple. WISeCoin integrates a host of proprietary technology to seamlessly merge these sectors. Here's how the system functions.
'WISeCoin's Blockchain of Identity
Blockchain identification systems are nothing new to the sector. The ability to verify, authenticate, and securely manage digital identities via the Blockchain continues to drive more firms into this business model. What makes WISeCoin different is their approach to the problem.
WISeCoin leverages the immutable nature of Blockchain technology by pairing it with the Internet of Things (IoT). The IoT is the network of billions of smart devices currently entering the market. These items are able to monitor and communicate with each other.
To put the scope of this network into perspective, there were 15.4 billion smart devices connected in 2015 according to IHS reports increasing to over 50 billion in 2020. Leveraging these devices is an extremely powerful way to monitor, verify, and authenticate people and devices. In order to accomplish this, WISeCoin employs 'Root of Trust' RoT and PKI protocols ensuring secure authentication across both digital and physical environments.
WISeCoin AG was formally established in August 2018 in Zug Switzerland. It manages all Blockchain initiatives and operations of WISeKey to pave the way for the daily use of 4th Industrial Revolution technologies. WISeCoin AG benefits from the WISeKey architecture as the first and only vertically integrated platform combining proprietary cybersecurity software and secure microcontrollers designed to protect connected devices against evolving cyber threats. WISeCoin is a Trusted Distributed Ledger Technology of Identity to store objects and people's identity. It offers connected objects the ability to identify, authenticate and verify each other with a digital certificate. For each interaction, the Blockchain of Identity will verify the validity of each digital certificate to secure the interaction. To compensate the use of the platform, a micro service fee is charged through a utility token, called the WISeCoin token.
WISeKey (SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently deploying large scale digital identity ecosystems for people and objects using Blockchain, AI and IoT respecting the Human as the Fulcrum of the Internet. WISeKey Semiconductors secure the pervasive computing shaping today's Internet of Everything. WISeKey has an installed base of over 1 billion microchips in virtually all IoT sectors (connected cars, smart cities, drones, agricultural sensors, anti-counterfeiting, smart lighting, servers, computers, mobile phones, crypto tokens etc.). WISeKey is uniquely positioned to be at the edge of IoT as our semiconductors secure a huge amount of Big Data that, when analyzed with Artificial Intelligence (AI), can help industrial applications to predict the failure of their equipment before it happens.
Our technology, trusted by the OISTE/WISeKey's Swiss based cryptographic Root of Trust ('RoT') provides secure authentication and identification, in both physical and virtual environments, for the Internet of Things, Blockchain and Artificial Intelligence. The WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions among objects and between objects and people. For more information, visit www.wisekey.com.
Press and investor contacts:
WISeKey International Holding Ltd
Company Contact: Carlos Moreira
Chairman & CEO
Tel: +41 22 594 3000
WISeKey Investor Relations (US)
Contact: Lena Cati
The Equity Group Inc.
Tel: +1 212 836-9611
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.