Former NASDAQ Exec Hans-Ole Jochumsen Joins Blockchain Startup Concordium
Hans-Ole Jochumsen, who retired the previous fall as vice chairman of NASDAQ Europe, has joined the advisory board of Concordium Foundation, the Swiss non-profit building a cryptocurrency with a built-in compliance function.
Revealed only to BMI, Jochumsen will guide Concordium’s compliance efforts, providing experience in taxation, know-your-customer (KYC) clinics, and trade provenance.
The stock market vet told BMI he was already interested in the blockchain technology while operating at NASDAQ and was involved in”multiple actions and projects” associated with the tech, for instance, blockchain-based electronic voting for the shareholders of NASDAQ’s Estonian branch. He explained that he sees promise from blockchain technology to radically reduce the price and time of international transactions for the industry he’s worked in for decades.
“Many people forget that what we find with the financial institutions is that you’ve got an extremely complex setup, each county has its own approach, and should you want to do something internationally, it is extremely complex, and even if in the end the task is solved, someone must pay for this, and it is the client,” Jochumsen told BMI. “In Concordium, there’s a great vision for something that monetary industry worldwide needs.”
Concordium, founded by former Saxo Bank CEO and founder Lars Seier Christensen, is working on a proof-of-stake blockchain and is planning to establish its testnet”within the next month,” Christensen told BMI.
The beta launch of the mainnet is scheduled for the next quarter of 2019, and Concordium is expected to go fully reside in 2010,” Christensen said.
Despite entering the industry late in the game, Concordium’s new cryptocurrency (GTU, or international transactions unit) can nevertheless get traction for its identity-checking attribute, Christensen told BMI.
“As a first mover with powerful focus and expertise in this field (ID/KYC), we Aren’t overdue, but actually among the very first into the actual game, one that has not started yet, because ancient generations of blockchains and cryptocurrencies did not attain real business use in spite of All of the hype,” he explained, adding:
“So the next era is beginning now and this will be the time when the real potential of public blockchains will finally begin to unfold.”