Securosys Aims to Raise 16 CHF Mio Through ICO for Global Pushby Fintechnews Switzerland August 29, 2018
In its early days, data and communications securities company Securosys was able to score a huge client in the Swiss National Bank, and also close a successful seed funding round in 2015 to finance their data and communications security services. More recently the company notes that their services have been utilised by crypto-exchanges as well.
Now in 2018, the team is ready for a global expansion of their cybersecurity and encryption services, which has led Zurich-based company into following in the tech industry’s footsteps and issuing their own ICO to raise CHF 16 million, or approximtely US$16.4 million.
Securosys Issuing a Security Token
The Securosys ICO will be a security token, where investors should be able to convert their tokens into company shares or trade the tokens via stock exchanges or a secondary market.
According to Securosys, SET Token holders will collectively be entitled to an equivalent of 25% of all future dividends and potential exit gains, or be converted into shares for the company.
One of Securosys’ key offerings is its Hardware Security Modules (HSM), which helps to securely store and generate private keys for encryption, authentication, signatures, certificates, and passwords—which can be appealing in the crypto world as well.
Currently, the company’s HSMs are utilised in the Swiss interbank clearing and settlement system operated by the SIX Group AG on behalf of the Swiss National Bank.
With the ICO, the company aims to target the fintech industry globally, both in and out of the crypto sphere.
The Growing Importance of Security in Fintech, Especially Cryptocurrency
A successful execution of their global expansion plans will depend on the company itself, but their decision to reach out to markets outside of Switzerland comes at an opportune time in the industry. Big data and crypto assets have come into prominence in recent years. Cybersecurity Ventures predicts that global cyber security spending will exceed $1 trillion from 2017 to 2021.
As more of the world’s industry and life ports over online, it becomes even more crucial for data-based organisations to secure their assets against online threats, which is a gap that Securosys aims to fill.
More information about the ICO and white paper can be found on its dedicated website.
Featured image via Securosys