Concordium, Geely announce JV to advance blockchain technology in China

Concordium, Geely announce JV to advance blockchain technology in China

The Concordium Foundation, a non-profit which focuses on developing the world’s leading, open-source, and decentralized blockchain solution, has reportedly inked a joint venture agreement with Hong-Kong-based automobile company Geely, to become a prominent provider of blockchain technology across China.

For the record, the JV will facilitate both the organizations to provide access to blockchain-led business platform for customers and businesses, as well as allow the use of DApps for all the industries, including the automobile sector.

Notably, the JV marks the collaboration of Concordium’s robust non-permission-based, cryptographic, and reliable blockchain technology with ID at the protocol level, as well as Geely’s technological leadership and implementation power in the wide Chinese market.

As per the agreement, Geely will hold 80% of the joint venture, while the rest will be owned by the Foundation. The new company which will be managed by both parties is expected to begin operations in the year 2021.

In addition to the above, the JV will work in line with Genius & Guru- a firm owned by Geely. This will help the joint company to help customers with developing business use cases and solutions, focusing on Digital Identity, Privacy Enhancement Technologies, and Regulatory Technologies.

With an aim to serve future finance and encouraging technological advancements in the finance space, Genius & Guru aims at developing an open financial environment with fintech at its core. Based in Beijing, the company has heavily invested in fintech firms and institutions across many cities in China, Copenhagen, Denmark.

According to a statement by Geely, the two companies plan to advance blockchain technology and explore different ways to offer companies access to a platform with tools that are needed to create blockchain-led applications along with growing the ‘Internet of Value’

Apparently, many regional automobile giants in China are signing tech deals, and this recent JV is followed after a recent tie-up between the world’s leading gaming company- Tencent, electronics giant- Foxconn, and Chinese internet giant- Baidu.

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