A major telecommunications provider in Switzerland has established a new business entity focused on the blockchain. It employed a cryptocurrency expert coming from EY in order to handle the new firm.
Based on new reports, Swisscom which is based in Zurich has started “Swisscom Blockchain AG” in order to concentrate on a variety of services involving the technology. Included in this are enterprise-facing solutions and also assistance for firms planning to launch initial coin offerings (ICOs), in which the firm says are an “alternative source of finance for projects and companies used increasingly frequently”.
The particular step comes a few months after the telecom became a member of the Hyperledger blockchain project. Swisscom is also a part of the Swiss blockchain consortium which also consists of the exchange provider SIX and Zürcher Kantonalbank, the largest cantonal bank and fourth largest bank in Switzerland. Last January, that group revealed an ethereum-based exchanging tool for over-the-counter trades.
It truly is a significant development coming from an established company which, from the start of its official entry into Hyperledger, has struck a positive tone on the technology.
“We want to provide support as a catalyst with expertise, experience and implementation skills,” Swisscom’s Digital Business and Head of FinTech Initiatives, Johannes Höhener, said last December.
Swisscom hired Daniel Haudenschild to lead the new company who, based on LinkedIn was once a partner at advisory company EY Switzerland. Haudenschild’s team was the driving force powering the acknowledgment of bitcoin as a way of payment at EY, that provided all workers with a digital Bitcoin wallet. A report coming from local publication Inside Channels suggests that some other staff from EY have already joined the business and that Swisscom Blockchain is thinking of getting a team as large as twenty people at the end of this year.