Geely Holding Group from China and the Concordium Foundation based in Zug are establishing a joint venture in China according to a press release. Geely will own 80 percent of the new company. The remaining 20 percent will be owned by Concordium.
The joint venture is to offer Concordium’s blockchain technology in China. According to the information provided, this is a “strong cryptographic, safe, non-permission based blockchain with ID at the protocol level”. The new company plans to also support Chinese corporate customers when setting up blockchain-based business applications, focusing on areas such as digital identity, regulatory technologies, and technologies to improve privacy.
Geely Holding Group provides various technological solutions. Originally, the company operated in the automotive industry. As such, the Concordium blockchain technology is to be offered to companies in the automotive sector, among others. The partners will also work with Genius & Guru in China, a subsidiary of Geely that specializes in FinTech applications.
Daniel Donghui Li, CEO of Zhejiang Geely Holding Group, is quoted in the press release, saying: “This cooperation between Concordium and Geely is of great significance to both parties.” According to Daniel Donghui Li, the partners hope to use the joint venture to “build a leading blockchain industry ecology to reduce the cost of trust and provide companies with access to a platform with the tools they need to develop blockchain-based applications together and grow in the ‘Internet of Value’.”