WISeKey International Holdings ADR. (WKEY) stock rallied yesterday and it gained 100.78% but it has lost 23.59% in today’s march 25 2021, pre-market session, as of this writing. Let’s try to figure out why WKEY losing value after yesterday’s huge spike.
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Partnership agreement with Cortus
Yesterday March 24,20201, WISeKey announced that it has signed a partnership agreement with Cortus SAS to deliver the strongest end-to-end digital security to the automotive industry. Both companies said that the partnership will further expand to other areas such as Artificial Intelligence (AI), Internet of Things (IoT), and High-Performance Computing (HPC).
The global autonomous vehicle market is growing at a fast pace and it is expected to grow at a compound annual growth rate of 63.1% from 2021 to 2030.
WISeKey joins NFT wagon
On March 24, 2021,the company also made another important announcement. WKEY said that it’s going to launch of WISeArt, NFT, a certificate of authenticity. The distinct feature of WISeArt, NFT will be that it will live forever on the blockchain, unchanged and unchallengeable, as proof of the buyer’s ownership.
The uniqueness of WISeAuthentic blockchain is that
- The storage device will be issued with a digital certificate of authenticity
- The validity of the digital certificate of authenticity can be checked at any time when required.
- the status of validity of the digital certificate of authenticity. can be modified on the requirement
Earlier on March 18, 2021, WKEY announced the development of its Non-Fungible Tokens (NFT) application
Both news had a positive impact on WKEY stock and it soared by more than 100% yesterday.
Partnership with Seychelles Govt:
On March 16, 2021, the Government of Seychelles signed a Memorandum of Understanding (MoU) with WISeKey International. The MOU was about to start a pilot project for the development of an innovative Digital Identity platform for Seychelles.
WISeKey is a key player in the PKI (Public Key Infrastructures )arena and the company was initially selected by Seychelles’s government to supply technology and expertise on (PKI).
Conclusion: WKEY stock has gained more than 200% in March which is quite a significant achievement. The digital technology markets such as digital identity, digital currencies, etc are booming. Still, there is no reason for WKEY to lose value. Wkey stock can reach new heights in the coming days.