A major state-owned telecommunications provider in Switzerland has created a new business entity centered around blockchain

Swisscom, according to new reports, has established “Swisscom Blockchain AG” to focus on a range of services around the tech. These include enterprise-facing solutions as well as support for companies looking to launch initial coin offerings (ICOs).

The move comes months after the telecom joined the Hyperledger blockchain project. Swisscom is also a member of a Switzerland-based blockchain consortium that also includes exchange operator SIX and Zürcher Kantonalbank, the country’s fourth-largest bank. In January, that group unveiled an ethereum-based trading tool for over-the-counter exchanges.

It’s a notable development from an established firm that, from the outset of its formal entry into Hyperledger, has struck an optimistic tone on the tech.

“We want to provide support as a catalyst with expertise, experience and implementation skills,” Swisscom’s Johannes Höhener said in December.

The firm is being led by Daniel Haudenschild who, according to LinkedIn was previously a partner at advisory firm EY Switzerland. A report from local publication Inside Channels indicates that other staffers from EY have joined the venture, and that Swisscom Blockchain is eyeing a team as a big as 20 people by the end of 2017.

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