SEALSQ, WISeKey and The Hashgraph Association Join Forces to Bring Secure IoT and DePIN solutions to Saudi Arabia
On June 5, 2024, SEALSQ, a leading company in semiconductors, PKI, and post-quantum technology, along with its parent company WISeKey, a global cybersecurity leader, announced a partnership with The Hashgraph Association. This collaboration aims to bring secure IoT and DePIN solutions to Saudi Arabia, aligning with the nation's Vision 2030 goals. The Hashgraph Association, backed by a $250 million Deep Tech Studio initiative with the Saudi Ministry of Investment, will leverage Hedera’s DLT technology to enhance IoT and blockchain applications in the MENA region. WISeKey has been active in Saudi Arabia since 2020 through its joint venture with the Juffali Group. SEALSQ also plans to establish an Open Semiconductors Assembly and Test (OSAT) Center in Saudi Arabia, focusing on local manufacturing using RISC-V technology. The Saudi IoT market, a significant portion of the Gulf region's cybersecurity and IoT market, is expected to grow substantially, supported by Vision 2030.
- SEALSQ partners with The Hashgraph Association to enhance IoT and DePIN solutions in Saudi Arabia.
- WISeKey leverages a $250 million initiative by The Hashgraph Association for technological advancements in Saudi Arabia.
- The collaboration supports Saudi Arabia’s Vision 2030, focusing on digital infrastructure and economic competitiveness.
- SEALSQ plans to establish an OSAT Center in Saudi Arabia, focusing on local manufacturing with RISC-V technology.
- Saudi IoT and M2M Communication market, covering 65% of the Gulf's cybersecurity market, expected to grow significantly.
- There's no specific mention of immediate financial benefits or revenue projections from the partnership.
- The success of the initiative is heavily dependent on the realization of Vision 2030, which may face various challenges.
- No concrete timelines for the establishment of the OSAT Center or the launch of major projects across regions were provided, creating uncertainty about execution.
Insights
SEALSQ Corp's partnership with The Hashgraph Association and WISeKey aligns well with Saudi Arabia's Vision 2030, which aims to diversify the economy through technological innovation. DePIN solutions, leveraging decentralized ledger technology, offer enhanced security and efficiency across numerous sectors such as healthcare, transportation and smart cities. The integration of blockchain and IoT technologies in Saudi Arabia could provide a more resilient infrastructure, reducing cyber threats and improving operational efficiency. This partnership could drive significant advancements in the region's digital infrastructure, positioning Saudi Arabia as a leader in IoT and blockchain technologies within the Gulf region.
From a financial perspective, this announcement suggests significant future revenue streams for SEALSQ Corp and WISeKey. The Kingdom's IoT market, which was worth
The collaboration highlights the strategic importance of the MENA region for digital transformation. WISeKey's established presence since 2020 and its partnerships with local entities like Saudi Advanced Technologies Company Ltd reinforces its commitment to this market. The cooperation presents a significant opportunity for growth in various verticals including retail, financial services and industrial sectors. Investors should note the diversification and potential for high returns in these emerging markets, driven by strong governmental support and clear strategic initiatives like Vision 2030.
Geneva, Switzerland / Riyadh, Saudi Arabia - June 5, 2024 – SEALSQ Corp ("SEALSQ" or "Company") (NASDAQ: LAES), a company that focuses on developing and selling Semiconductors, PKI and Post-Quantum technology hardware and software products, and its parent company, WISeKey, SIX: WIHN; Nasdaq: WKEY), a global leader in cybersecurity, digital identity, and Internet of Things (IoT) solutions, announced their partnership with The Hashgraph Association, a Swiss-based association and leader in digital innovation and DLT solutions through the Hedera network, to spearhead the implementation of Internet of Things and DePin (Decentralized Physical Infrastructure network) solutions in the Kingdom of Saudi Arabia in line with Saudi Arabia’s Vision 2030. Vision 2030 aims to establish a sophisticated digital infrastructure for the kingdom and enhance economic competitiveness.
The Hashgraph Association, who recently announced the launching of a
WISeKey, has been present in KSA since 2020 through its joint venture WISeKey Arabia, with Saudi Advanced Technologies Company Ltd (SAT), a wholly-owned subsidiary of Juffali Group.
Kamal Youssefi, President of The Hashgraph Association, added, “As part of our mission to accelerate the adoption of emerging technologies which include DLT technology such as Hedera globally and in the MENA region, we are pleased to support the growth of DePIN solutions which offer a secure, transparent, cutting-edge digital infrastructure needed for future of digital economies in the region.”
Carlos Moreira, CEO and Chairman of SEALSQ stated, “We are pleased to be working with two major industry leaders in Saudi Arabia to develop secure IoT, and DePIN solutions for retail, financial, smart cities, healthcare, industrial, transportation and other sectors. We are now able to offer a full 360-degree solution that includes cybersecurity, Blockchain, IoT infrastructure needed for Saudi Vision 2030 digitization aims as well as those of the MENA region in general.”
The Kingdom’s IoT and M2M Communication market, currently encompassing
DePIN, or Decentralized Physical Infrastructure Networks, refers to the integration of decentralized technologies, such as blockchain and IoT, to create a more secure, transparent, and efficient infrastructure network. By leveraging Hedera’s decentralized ledger technology, the cooperation will enhance the security and reliability of physical infrastructure networks, making them more resilient to cyber threats and more efficient in their operations.
SEALSQ, a subsidiary of WISeKey, and a leader in semiconductors, PKI, and Post-Quantum technology had previously announced a significant initiative to establish an Open Semiconductors Assembly and Test (OSAT) Center in Saudi Arabia. OSAT is designed to offer a comprehensive array of testing services, including wafer and final tests, as well as assembly services for various semiconductor packages such as QFN, BGA, WLCSP, and others. This initiative is a key component of a larger strategy aimed at developing Semiconductor Personalization Centers through Public-Private Partnerships (PPP).
SEALSQ is currently in active discussions to launch three major projects across Europe, the Middle East, and the Far East. These OSAT centers will employ RISC-V technology for chip design, focusing on local manufacturing to meet the highest standards of security and certification from authoritative bodies like Common Criteria and NIST.
About SEALSQ
SEALSQ focuses on selling integrated solutions based on Semiconductors, PKI and Provisioning services, while developing Post-Quantum technology hardware and software products. Our solutions can be used in a variety of applications, from Multi-Factor Authentication tokens, Smart Energy, Smart Home Appliances, and IT Network Infrastructure, to Automotive, Industrial Automation and Control Systems.
Post-Quantum Cryptography (PQC) refers to cryptographic methods that are secure against an attack by a quantum computer. As quantum computers become more powerful, they may be able to break many of the cryptographic methods that are currently used to protect sensitive information, such as RSA and Elliptic Curve Cryptography (ECC). PQC aims to develop new cryptographic methods that are secure against quantum attacks.
For more information, please visit www.sealsq.com
About WISeKey
WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, and (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions.
Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.
Forward-Looking Statements
This communication expressly or implicitly contains certain forward-looking statements concerning SEALSQ Corp and its businesses. Forward-looking statements include statements regarding our business strategy, financial performance, results of operations, market data, events or developments that we expect or anticipates will occur in the future, as well as any other statements which are not historical facts. Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the success and timeline of SEALCOIN's launch; the timeline for and the successful release of the Machine-to-Machine (M2M) Proof of Concept (PoC); SEAL's token Issuance and Exchange Listing before the end of 2024; SEALSQ's ability to continue beneficial transactions with material parties, including a limited number of significant customers; market demand and semiconductor industry conditions; and the risks discussed in SEALSQ's filings with the SEC. Risks and uncertainties are further described in reports filed by SEALSQ with the SEC.
SEALSQ Corp 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.
About The Hashgraph Association
The Hashgraph Association is at the forefront of the digital enablement and empowerment of organizations through the broad adoption of Hedera-powered enterprise-grade solutions and decentralized applications, including funding training, innovation, and venture building programs globally. As a non-profit organization headquartered in Switzerland, The Hashgraph Association supports and funds innovation, research, and development that enables economic inclusion and a digital future for all, with a positive environmental, social, and governance (ESG) impact. For further information about The Hashgraph Association, visit www.hashgraph-association.com.
Press and Investor Contacts
| SEALSQ Corp Carlos Moreira Chairman & CEO Tel: +41 22 594 3000 info@sealsq.com | SEALSQ Investor Relations (US) The Equity Group Inc. Lena Cati Tel: +1 212 836-9611 / lcati@equityny.com Katie Murphy Tel: +212 836-9612 / kmurphy@equityny.com |
FAQ
What is the main goal of SEALSQ's partnership with The Hashgraph Association?
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What specific technologies will the SEALSQ and WISeKey partnership utilize?
What is the expected growth of the Saudi IoT market?
What are SEALSQ’s plans for local manufacturing in Saudi Arabia?
