Former NASDAQ Europe Vice Chairman Hans-Ole Jochumsenhas joined the advisory board of Concordium Foundation, a Swiss non-profit engaged on blockchain improvement.
The trade veteran will information the agency to take care of its compliance with regulatory frameworks together with knowledgeable steering in taxation, know-your-customer (KYC) practices, and transaction provenance, in keeping with Coindesk.
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Jochumsenhas may be very optimistic about blockchain know-how and believes that it’s going to radically cut back the associated fee and time of worldwide transactions within the monetary sector. He additionally revealed, that in his tenure at NASDAQ, he was part of a number of blockchain-based initiatives together with the event of blockchain-based digital voting for the shareholders of NASDAQ’s Estonian department.
Hans-Ole Jochumsenhas, Photo: Linkedin
“Many folks neglect that what we see with the monetary establishments is that you’ve got a really difficult setup, each county has its personal strategy, and if it is advisable do one thing globally, it’s extraordinarily difficult, and even when ultimately the duty is solved, any person has to pay for it, and it’s the shopper…In Concordium, there’s a nice imaginative and prescient for one thing that monetary trade worldwide wants,” Jochumsenhas instructed Coindesk.
An Industry Veteran
Jochumsenhas had an extended profession within the monetary sector and retired a yr in the past because the vice chairman of NASDAQ Europe after serving the group for round a decade.
In his 30 years lengthy profession, he labored at many monetary establishments and held management positions in most of them.
Concordium was based by the founder and ex-CEO of Saxo financial institution Lars Seier Christensen. Working as a non-profit, it’s growing a cryptocurrency with a built-in compliance operate. The agency is aiming to launch its proof-of-stake-based testnet in subsequent month whereas the beta launch is scheduled for Q3 2019.
“As a primary mover with robust focus and experience on this space (ID/KYC), we’re not late, however actually among the many first to the true recreation, one which has not began but, as a result of early generations of blockchains and cryptocurrencies didn’t obtain actual enterprise use despite all of the hype,” Christensen instructed Coindesk. “So the subsequent period is starting now and this would be the time when the true potential of public blockchains will lastly start to unfold.”