Swisscom launched a company dedicated to the development of blockchain applications. It hired a cryptocurrency expert from EY to manage the new firm.
The new company is called Swisscom Blockchain and is based in Zurich. Switzerland’s dominating telecommunications company holds a 70 percent stake in the fintech startup. The founding partners of the company own the other 30 percent, Swisscom said in a statement today.
The new company will provide consultation and support the implementation of blockchain applications. Furthermore, it will support initial coin offerings (ICOs), which the company says are an «alternative source of finance for projects and companies used increasingly frequently». Raising capital through the issuance of cryptocurrencies has become a source of discussion recently.
EY Team Hired
Swisscom hired Daniel Haudenschild to lead the new company, together with his team from EY consultants.
Haudenschild’s team was the driving force behind the acceptance of bitcoin as a means of payment at EY, which provided all staff with a virtual bitcoin wallet.
Tradition of Technical Development
Swisscom Blockchain will have about 20 employees by year end and double that amount come 2018, according to «inside-it.ch».
Switzerland’s former state telecom monopoly has been actively working on applications of blockchain and produced first results. Together with Zuercher Kantonalbank and the Lucerne University of Applied Sciences and Arts, Swisscom developed a prototype of a blockchain-based solution for off-exchange trading.
