Geely floats JV with Concordium to offer blockchain tech

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Geely Holding Group (Geely) and the Concordium Foundation (Concordium) have announced signing a Joint Venture agreement.

The partnership will use Concordium’s Blockchain Technology to become a leading Blockchain Technology- and Service Provider in China.

Thanks to the partnership, Geely and Concordium will provide businesses and customers access to new blockchain platform-based business models and user DApps for all industries, including the automotive segment.

The joint venture, according to the companies, marks a new era of collaboration, using Concordium’s strong cryptographic, safe, non-permission based Blockchain with ID at the protocol level and Geely’s technological leadership and implementation power in the Chinese market.

As per the agreement, Geely will own 80 percent of the joint venture and 20 percent will be owned by Concordium. The JV will be operationally co-managed by both parties.

Daniel Donghui Li, CEO of Zhejiang Geely Holding Group stated, “This cooperation between Concordium and Geely is of great significance to both parties. We are actively pursuing transformational technologies by building alliances, and synergizing global resources to create greater value for our end users.”

He added: “Being able to leverage Concordium’s world-class blockchain technology will set industry standards with its underlying infrastructure for blockchain applications.”

Lars Seier Christensen, the Chairman of the Concordium Foundation, added: “Concordium is excited about this Joint Venture which will enable us to empower Chinese clients with one of the leading blockchain technologies of the world, and also gain synergies from one of the leading companies in China within fast-moving technologies, for the future development of Concordium.”

From this year

The new joint venture company is expected to be operational in 2021, subject to regulatory approvals.

The company will provide a blockchain and assist customers in building business use-cases and solutions in various industries by focusing on relevant cutting-edge techs, i.e., Digital Identity, Regulatory Technologies, Privacy Enhancement Technologies.

It will cooperate with Genius & Guru, a company fully owned by Geely. Together the two partners will build business use-cases and solutions in various industries.

(With inputs from Automotive Lead Research Team)

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