The Joint Venture will allow Geely and Concordium to offer businesses and customers access to new blockchain platform-based business models and user DApps for all industries, including the automotive segment. The JV 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.
HANGZHOU, CHINA & ZUG, SWITZERLAND / ACCESSWIRE / February 19, 2021 / The Concordium Foundation (Concordium) and the Geely Holding Group (Geely) 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".
Geely Holding Group
Founded in 1986, Geely Holding Group ("Geely") entered the automotive industry in 1997. Always devoted to real industry and with a focus on technological innovation and talent development, Geely has transformed into a global innovative technology group engaged in the design, R&D, production, sales, and service of vehicles, powertrains, and key components, as well as mobility services, digital technology, financial services, and education. Geely Holding has ranked among the Fortune Global 500 for nine consecutive years with assets totaling over 3 9 0 billion RMB, and more than 120,000 employees.
Headquartered in Hangzhou, Geely Holding Group has global design and R&D centers and several brands like Geely, Lynk & Co., Geometry, Volvo, Polestar, Proton Cars, Lotus, London Electric Vehicle Company, Farizon Auto, Cao Cao Mobility, Qianjiang Motorcycle. The Group is also the largest shareholder in Volvo AB and Daimler AG.
For more information please visit: http://global.geely.com/
The Concordium Foundation
The Concordium Foundation is a Swiss foundation. Concordium is the first Business focused, non-permission-based public Blockchain with ID at the protocol level and a smart contract layer. Transaction costs for finalized and immutable transactions are low and stable. Concordium´s unique two-layer consensus and finalization allow for a high number of transactions, fast finalization, and security. Concordium's innovative Identity layer, at the protocol level, offers transactional privacy while supporting accountability towards relevant regulators. Concordium facilitates encrypted transfers and the use of zero-knowledge proof mechanisms. The throughput of the Blockchain can be extended by any number of fast and optimized shards in parallel. The Proof of Stake (PoS) mechanism with the two-layered consensus and finalization, both science-proofed, ensures a green and resource-efficient operation and enhanced security. Concordium's Blockchain is based on top universities' science-based- and peer-reviewed protocols with a strong cryptographic focus.
For more information please visit: https://concordium.com/