ZUG, Switzerland - WISeKey International Holding Ltd (SIX: WIHN, NASDAQ: WKEY), a cybersecurity and IoT company, announced today that its subsidiary, SEALCOIN AG, has launched a new website for its SEALCOIN platform and provided a development update. The SEALCOIN.AI website is set to become a central hub for information on the development of SEALCOIN's Decentralized Physical Internet (DePIN) platform, which leverages Hedera Hashgraph technology to enable secure IoT transactions.
The SEALCOIN platform is currently in an advanced phase of development and aims to facilitate secure and autonomous interactions among IoT devices across various industries. The platform's Beta release, a Minimum Viable Product (MVP) on the Hedera TestNet, is scheduled for Q1 2025. This will allow developers and early adopters to test the platform's core features, including real-time decentralized IoT transactions, and provide feedback.
SEALCOIN is also working on several key features, such as a DePIN framework for autonomous, secure transactions, Hedera Hashgraph integration for high-throughput and low-latency solutions, device tokenization with non-custodial wallets, and online generation of Authentication Certificates for IoT devices.
Furthermore, SEALCOIN's whitepaper is now available, detailing the platform's technical and operational roadmap, tokenomics, and governance framework. The company plans for a full production release and token issuance by mid-2025, with a goal to list the token on a digital exchange by Q3 2025.
WISeKey operates as a holding company with several subsidiaries, each focusing on specific technology areas, including semiconductors, PKI, space technology for secure satellite communication, and blockchain NFTs. This announcement is based on a press release statement from WISeKey International Holding Ltd.
"In other recent news, WISeKey International Holding Ltd has been making significant strides in IoT and cybersecurity. The company has entered a Proof of Concept agreement with Transitos y Transportes Logísticos S.L. to implement its WISeTruck technology across their fleet. The aim is to enhance the efficiency and security of transport operations through advanced IoT sensors. In parallel, WISeKey has announced a strategic alliance with Global Radio Systems through its subsidiary WISeSAT.Space. This collaboration aims to enhance cyber-secure radio communications connectivity, particularly in critical environments such as emergencies, security, and defense sectors.
In addition to these partnerships, WISeKey has initiated a Special Purpose Vehicle (SPV), SEALCOIN AG, to advance its decentralized technology project, SEALCOIN. The Hashgraph Association will collaborate on this project and also become a strategic investor. These recent developments highlight WISeKey's ongoing commitment to cybersecurity and IoT solutions. Please note that these are recent developments, and further updates will be provided as they become available."
InvestingPro Insights
As WISeKey International Holding Ltd (WIHN) advances its SEALCOIN platform, investors should consider some key financial metrics and insights provided by InvestingPro.
The company's market capitalization stands at $11.99 million, reflecting its current position in the cybersecurity and IoT market. InvestingPro data shows that WIHN's revenue for the last twelve months as of Q2 2024 was $20.98 million, with a concerning revenue growth of -25.27% over the same period. This aligns with an InvestingPro Tip indicating that analysts anticipate a sales decline in the current year.
Another InvestingPro Tip highlights that WIHN is trading at a low Price / Book multiple, which is confirmed by the Price / Book ratio of 0.37 for the last twelve months as of Q2 2024. This could suggest that the stock is undervalued, but it's essential to consider this in the context of the company's overall financial health and growth prospects.
It's worth noting that WISeKey is currently not profitable, with an operating income margin of -102.37% for the last twelve months as of Q2 2024. This is consistent with another InvestingPro Tip stating that analysts do not anticipate the company will be profitable this year.
For investors interested in a more comprehensive analysis, InvestingPro offers 12 additional tips for WISeKey International Holding Ltd, providing a deeper understanding of the company's financial position and market performance.
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