WISeKey International Holding Ltd and The Hashgraph Association Unveil Groundbreaking Tokenization Initiative for WISe.Art during Davos 2024
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Insights
The collaboration between WISeKey and The Hashgraph Association signifies a strategic move in the intersection of technology and the art market, a sector that is increasingly embracing digital transformation. The tokenization of art assets and equity-shares represents a shift towards leveraging distributed ledger technology to facilitate ownership and transfer of high-value assets. This could potentially open up the art market to a broader range of investors, democratizing access to investment in art and possibly influencing liquidity in the market.
By introducing a marketplace with enhanced transparency and security, the initiative could attract new demographics of art collectors and investors, particularly those who are tech-savvy and interested in the convergence of art, technology and investment. The implications for the art market are significant, as this could reduce the prevalence of forgery, provide better provenance tracking and make the purchase of art more accessible.
WISeKey's expertise in cybersecurity and cryptography is crucial for the success of the WISe.Art Marketplace. As the art market moves online, the risks of cyber threats and fraud increase. The use of Hedera Hashgraph's DLT could offer superior security features compared to traditional blockchain technologies, such as enhanced speed, efficiency and lower energy consumption, which can be pivotal in gaining user trust and adoption.
The legal and regulatory compliant framework mentioned is also of paramount importance. Ensuring that the tokenization process adheres to existing laws and regulations will be key to avoiding potential legal challenges that could arise from the intersection of digital assets and traditional art ownership.
The legal landscape surrounding digital assets is complex and varies by jurisdiction. The emphasis on regulatory compliance in the tokenization of art assets and equity-shares is a proactive approach to navigating this landscape. By prioritizing legal certainty, WISeKey and The Hashgraph Association are addressing a common concern among investors and participants in the digital asset space.
Furthermore, the introduction of fractional ownership through tokenization could have implications for property rights and asset management. Understanding and clearly defining the legal rights of token holders will be essential to the platform's integrity and could serve as a precedent for future legal frameworks in digital asset ownership.
DAVOS, SWITZERLAND, Jan. 18, 2024 (GLOBE NEWSWIRE) -- WISeKey International Holding Ltd, (“WISeKey”) (SIX: WIHN, NASDAQ: WKEY), leader in cybersecurity, digital identity, and Internet of Things (IoT) solutions operating as a holding company, and The Hashgraph Association (THA), the non-profit Swiss organization behind the innovative distributed ledger technology (DLT) of Hedera Hashgraph (“Hedera”), are thrilled to announce a groundbreaking collaboration during the Davos 2024 event. This joint initiative focuses on the legal and regulatory compliant tokenization of art assets and equity-shares of WISe.Art AG, subsidiary of WISeKey.
The centerpiece of WISe.Art is the WISe.Art Marketplace built to redefine the way art is bought and sold, bringing transparency, security, authenticity, legal certainty, and fractional ownership to the forefront of the global art world. Leveraging WISeKey's 25 years of proven expertise in cybersecurity and cryptography, the platform introduces a novel approach to art transactions and digital representation, ensuring a seamless and trustworthy experience of value exchange for artists, collectors, and enthusiasts.
Carlos Moreira, CEO of WISeKey, expressed his enthusiasm about the collaboration: "Tokenizing art assets and WISe.Art through our WISe.Art Platform marks a significant milestone in our technological evolution. This strategic partnership with THA underscores our commitment to pioneering secure and innovative solutions that redefine the future of authenticity and trust in art."
Kamal Yousefi, President of THA, commented from Davos on the collaboration: "Hedera’s unique consensus algorithm (“Hashgraph”) provides the ideal technology layer to ensure integrity and security of WISeKey's authentication platform. We are excited to be part of this revolutionary project that has the potential to redefine the way we perceive and validate authenticity of art and other physical objects in the digital age."
The launch of the tokenization initiative in Davos signals a strategic move towards a more secure, transparent, and trusted future for the authentication of physical objects. WISeKey and THA welcome industry leaders, stakeholders, and the global community to join them in shaping the future of authenticity through this groundbreaking collaboration.
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.
About The Hashgraph Association
The Hashgraph Association is at the forefront of the digital enablement and empowerment of organisations through the broad adoption of Hedera-powered enterprise-grade solutions and decentralized applications, which includes supporting and funding of training, innovation, and venture building programs globally. As a non-profit organization headquartered in Switzerland, The Hashgraph Association provides funding for 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:
WISeKey International Holding Ltd
Carlos Moreira
Chairman & CEO
Tel: +41 22 594 3000 / info@wisekey.com
WISeKey Investor Relations (US)
The Equity Group Inc.
Lena Cati
Tel: +1 212 836-9611 / lcati@equityny.com
Katie Murphy
Tel: +1 212 836-9612 / kmurphy@equityny.com
Disclaimer:
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 the Swiss Financial Services Act (“FinSA”), the FInSa’s predecessor legislation or advertising within the meaning of the FinSA. 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.
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