Hans-Ole Jochumsen, who retired the last fall as vice chairman of NASDAQ Europe, has joined the advisory board of Concordium Foundation, the Swiss non-profit developing a cryptocurrency with a built-in compliance function.
Revealed exclusively to CoinDesk, Jochumsen will guide Concordium’s compliance efforts, providing expertise in taxation, know-your-customer (KYC) practices, and transaction provenance.
The stock market vet told CoinDesk he was already interested in the blockchain technology while working at NASDAQ and was involved in “multiple activities and projects” related to the tech, for example, blockchain-based electronic voting for the shareholders of NASDAQ’s Estonian branch. He explained that he sees promise in blockchain technology to radically reduce the cost and time of global transactions for the industry he’s worked in for decades.
“Many people forget that what we see with the financial institutions is that you have a very complicated setup, every county has its own approach, and if you need to do something globally, it’s extremely complicated, and even if in the end the task is solved, somebody has to pay for it, and it’s the customer,” Jochumsen told CoinDesk. “In Concordium, there is a great vision for something that financial 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 launch its testnet “within the next month,” Christensen told CoinDesk.
The project aims to combine a built-in anti-money-laundering (AML) and KYC function with zero-knowledge cryptography and compliance with the European Union’s General Data Protection Regulation (GDPR). The beta launch of the mainnet is scheduled for the third quarter of 2019, and Concordium is expected to go fully live in 2010, Christensen said.