SEALSQ Corp Partners with The Hashgraph Association to Drive IoT and DePIN Solutions in Saudi Arabia

SEALSQ Corp (NASDAQ: LAES), a leader in semiconductor, PKI, and post-quantum technology, together with its parent company WISeKey (SIX: WIHN; Nasdaq: WKEY), has announced a strategic partnership with The Hashgraph Association.

This Swiss-based association specializes in digital innovation and DLT solutions through the Hedera network. The collaboration aims to advance Internet of Things (IoT) and Decentralized Physical Infrastructure Network (DePIN) solutions in Saudi Arabia, in alignment with the country's Vision 2030.

Vision 2030 and Technological Advancement

Saudi Arabia’s Vision 2030 seeks to build a sophisticated digital infrastructure to enhance economic competitiveness. The Hashgraph Association, which recently launched a $250 million Deep Tech Studio in partnership with the Saudi Ministry of Investment, will focus on developing technologies such as blockchain and artificial intelligence for local businesses.

They will collaborate closely with WISeKey and its local partner, E.A. Juffali & Brothers Group, to implement decentralized ledger technology (DLT) that enhances the security and efficiency of IoT, Blockchain, and DePIN applications across Saudi Arabia and the MENA region.

Established Presence in Saudi Arabia

WISeKey has been active in Saudi Arabia since 2020 through its joint venture WISeKey Arabia, formed with Saudi Advanced Technologies Company Ltd (SAT), a subsidiary of Juffali Group.

Kamal Youssefi, President of The Hashgraph Association, added, “As part of our mission to accelerate the adoption of emerging technologies which include DLT technology such as Hedera globally and in the MENA region, we are pleased to support the growth of DePIN solutions which offer a secure, transparent, cutting-edge digital infrastructure needed for future of digital economies in the region.”

Carlos Moreira, CEO and Chairman of SEALSQ, emphasized the importance of the partnership in developing secure IoT and DePIN solutions across various sectors including retail, finance, smart cities, healthcare, and transportation.

He noted that the collaboration aligns with the digitization goals of Saudi Vision 2030 and the broader MENA region, providing a holistic solution encompassing cybersecurity, blockchain, and IoT infrastructure.

Growth of Saudi Arabia’s IoT Market

Saudi Arabia’s IoT and Machine-to-Machine (M2M) communication market, which comprised 65% of the Gulf region’s cybersecurity and IoT market in 2019, was valued at $16 billion, a significant increase from $4.9 billion in 2014. This market is expected to continue its rapid growth, driven by the Vision 2030 economic reform plan.

Enhancing Physical Infrastructure with DePIN

It is worth noting that DePIN solutions integrate decentralized technologies like blockchain and IoT to create secure, transparent, and efficient infrastructure networks. By leveraging Hedera’s decentralized ledger technology, the partnership aims to enhance the security and reliability of physical infrastructure networks, making them more resilient to cyber threats and operationally efficient.

Future Initiatives and OSAT Centers

SEALSQ, a subsidiary of WISeKey, previously announced plans to establish an Open Semiconductors Assembly and Test (OSAT) Center in Saudi Arabia. This center will provide comprehensive testing services for semiconductor packages and is a key part of a strategy to develop Semiconductor Personalization Centers through Public-Private Partnerships (PPP).

SEALSQ is also in discussions to launch similar projects in Europe, the Middle East, and the Far East. These centers will employ RISC-V technology for chip design, focusing on local manufacturing and adhering to high security standards certified by authoritative bodies such as Common Criteria and NIST.