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Swisscom Launches Blockchain Subsidiary



De Silva

On Thursday, Swisscom AG, a telecommunications provider, announced that it has established a blockchain subsidiary.

On September 21, 2017, telecommunications provider Swisscom declared that it has begun a Zürich-based blockchain subsidiary called Swisscom Blockchain Ltd. The parent company claims that it has been researching and testing blockchain application scenarios since 2015. Swisscom, which currently employs approximately 22,000 workers, retained a 70 percent stake in the subsidiary, while the remaining 30 percent was allocated to founding partners of the new company. An alumnus of EY (formerly Ernst & Young), Daniel Haudenschild was tapped as CEO of Swisscom Blockchain.

At the start of October 2017, an experienced blockchain team will join the Swisscom Blockchain consultancy. A member of the Hyperledger project, Swisscom asserts that it has already implemented the Swiss OTC blockchain, a prototype for blockchain-based off-exchange trading.

In a release, Swisscom CEO Urs Schaeppi said, “Blockchain technology has the potential to revolutionise business models and ecosystems in almost all sectors by providing secure connections between all participants. And this is ingrained in Swisscom’s DNA: securely connecting people, organisations and objects with highly available infrastructure.”

Matthew De Silva

Matthew is a writer with a passion for emerging technology. Prior to joining ETHNews, he interned for the U.S. Securities and Exchange Commission as well as the OECD. He graduated cum laude from Georgetown University where he studied international economics. In his spare time, Matthew loves playing basketball and listening to podcasts. He currently lives in Los Angeles. Matthew is a full-time staff writer for ETHNews.

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