One of the most well-known stocks related to blockchain technology development, Long Blockchain has shared some details about its plans going forward. The company became world-famous late last year when it renamed itself from Long Island Ice Tea to its current name. Most recently, the firm got delisted from NASDAQ and is now trading as a pink sheet on OTC Markets.
The company has previously voiced its plans to acquire a UK-based software development firm Hashcove Limited. The company has also invested into TSLC PTE Ltd., which is the parent of digital money and short-term financial product provider CASHe, and blockchain company who also has FX prime brokerage operations Stater Blockchain Limited.
Appointment of Ramy Soliman
The CEO of Stater Global Markets and Stater Blockchain, Ramy Soliman, has been the most recent addition to the board of directors of Long Blockchain. The company which started from establishing itself as a respected prime of prime FCA-regulated brokerage in London has recently announced its pivot into blockchain technologies to expand its scope.
Mr Soliman carries an extensive experience in the financial services industry, with key roles at IG Group and Citi, where he successfully ran a margin FX desk. After 5 years at Citi, he was offered a role at Integral Development Corp. where he served as Vice President of EMEA Sales.
Current Composition of Board of Directors
Long Blockchain has had to shift the expertise of its Board members as the company switched industries late last year. Back in February, the company appointed CEO Shamyl Malik as Chairman. He is a veteran financial technology executive who has served as Global Head of Trading at Voltaire Capital and Head of FX Electronic Trading at Morgan Stanley and Head of Electronic Market Making at Citibank.
Aside from Ramy Soliman, he is also joined by independent director Loretta Joseph, who has spent over 25 years in global financial services. She’s been a blockchain and technology advisor to many companies, organizations, and governments. During her career, she has held senior positions at investment banks across Asia and India, including RBS, Macquarie Group, Deutsche Bank, Credit Suisse and Elara Capital, where she oversaw multiple asset classes.
Another board member is Som Ghosh, who is a blockchain technology entrepreneur with over 11 years of experience. He worked on the development of applications in investment banking, asset management, algorithmic trading, and cryptocurrency. During his career, Ghosh worked in quantitative trading and structuring roles at Deutsche Bank, UBS and Societe Generale in Hong Kong and London.
Kunal Nandwani, the CEO of Hashcove is a member of the blockchain Strategy Committee of Long Blockchain. After the deal between the firms closes, he will also become an executive officer and director.
He got involved with blockchain technology since early 2016 after spending most if his career working at Lehman Brothers, Nomura & BNP Paribas in London. He co-founded uTrade Solutions, a product firm which offers trading, algorithmic and risk platforms in more than 10 countries.
Product Portfolio Details
Long Blockchain has disclosed the products on which it plans to blockchain applications. Specific planned products of Hashcove include four major directions. The first focuses on the development of a Know Your Customer (KYC) blockchain. The product aims to deliver a mobile and web-based interface for clients to upload their documents and share them securely with any institutions, that require KYC verification.
Long Blockchain will also work on a Crypto wallet where Hashcove will offer a wide range of solutions in developing multi-cryptocurrency wallets. The firm also has plans for a crypto exchange with a proprietary matching engine, liquidity management, connectivity to native crypto exchange blockchains, market data and order execution APIs. The company elaborated that the product can be centralized, decentralized or hybrid.
Last but not least, Long Blockchain also stated that it is working on smart contracts that facilitate, verify or enforce any trigger-based actions based on self-execution. Such contracts are stored on the blockchain, which when fully decentralized and transparent, signifies that all parties can trust each other.
Since getting delisted from NASDAQ, shares of the company have traded on the OTC Markets exchange in the US as a pink sheet. Following the details above, the stock traded 11 percent higher yesterday.