WISeKey’s Blockchain Subsidiary Raises $7 Million in Pre-STO

WISeCoin, the blockchain subsidiary of the Swiss cybersecurity company WISeKey, has secured $7 million in a pre-security token offering round (STO).
According to the April 11 announcement, WISeCoin is aiming to launch its token offering by the second quarter of this year. With the public offering, the blockchain company is targeting to raise around CHF 17,587,527 (equalling around $1,75,64,487), however, the mentioned amount is not final yet.

Founded in August last year, WISeCoin is developing security solutions for blockchain and internet-of-things (IoT) systems.
“It manages all Blockchain initiatives and operations of WISeKey to pave the way for the daily use of 4th Industrial Revolution technologies, the press release noted.
WISeKey is working to secure threats at a microcontroller level in the connected ecosystem and its blockchain subsidiary is taking advantage of this technological reach.
“One of WISeCoin’s key milestone is to build a Blockchain of Identity to store the identities of objects and people allowing connected objects the ability to identify, authenticate and verify each other with a digital certificate,” the announcement added. “For each interaction, the Blockchain of Identity will verify the validity of each digital certificate to secure the interaction and to compensate for the use of the platform, a microservice fee is charged through a utility token, called the WISeCoin token.”
Are STOs going to be the go-to fundraising technique?
Unlike initial coin offerings (ICOs), STOs offer ownership of the issuing company, much like an initial public offering (IPO) but on the blockchain. Though regulators around the world are finding hard to impose rules on utility tokens, their stance towards STOs is rather clear and harsh.
Last month, Hong Kong’s financial regulator recently issued a . The Securities and Exchange Commission (SEC) of the US is also on a constant hunt to crack down unregistered STO offerings.
However, many players in the industry are streamlining the funding process by opening dedicated platforms for listing STOs. Earlier this year, two blockchain companies – and – launched STO launching platforms under specific regulatory guidelines.