Chinese entity Geely launches joint venture with Blockchain Concordium

Blockchain Concordium Foundation (Concordium) and the Geely Holding Group (Geely) (automotive industry) have signed a Joint Venture agreement. The joint venture will use Concordium's Blockchain Technology to become a leading Blockchain Technology- and Service Provider in China. According to the agreement, Geely will own 80 percent of the JV and 20 percent will be owned by Concordium. The joint venture will be operationally co-managed by both parties.

The transformation of industry and the advancement of society have always been driven by new technology development. Similarly, the growth of Geely has always been through making the latest technologies available to people. The JV is one of the next steps to cement this technology leadership. Blockchain technology provides a technical foundation for win-win collaboration and building mutual trust and safe, secure, quick transactions and interesting platform opportunities.

Concordium - and its Concordium Blockchain Research Center Aarhus - contributes to the technology with its leading global research of Cryptographic primitives for Blockchain, and in the field of Zero-knowledge proofs, peer-to-peer, other spearheading blockchain research, and world-class computer science. Being the first step in the strategic alliance between Concordium and Geely, the new company is expected to be operational in 2021, subject to regulatory approvals.

The JV 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. The joint venture will cooperate with Genius & Guru, a company wholly owned by Geely. Together the two partners will build business use-cases and solutions in various industries.

Aiming at serving future finance and promoting new technologies in finance, Genius & Guru tries to build an open financial ecosystem with fintech at its core. Headquartered in Beijing, Genius & Guru has invested in financial institutions and fintech companies across several major cities in China, such as Beijing and Shanghai, and Copenhagen, Denmark.

Daniel Donghui Li, CEO of Zhejiang Geely Holding Group said: "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. Being able to leverage Concordium's world-class blockchain technology will set industry standards with its underlying infrastructure for blockchain applications. By joining forces in China we will apply and develop this technology further and explore pathways 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'".

"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," said Lone Fønss Schrøder, Concordium CEO.

She adds: "For businesses, Blockchain is still a novel technology, ready to be used for business applications. We are excited about enabling this possibility: Join, lean in, learn, and be part of our community. We're welcoming new participants who want to learn, build, validate and use our Blockchain. And it's not only for the CTOs to understand; it's for the strategic business developers, for the CFO, and not least for the CEO".