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Geely Holding, Concordium to set up joint venture for blockchain business

Nika From Gasgoo| February 19 , 2021

Shanghai (Gasgoo)- Zhejiang Geely Holding Group (Geely Holding) announced on Feb. 19 it has signed an agreement with Concordium, Switzerland-based blockchain company, to build a joint venture dedicated to providing business models and DApps (decentralized applications) based on blockchain platforms for clients from automotive and other industries in China.

Geely blockchain, Geely Concordium cooperation, China automotive news

Photo credit: Geely Holding

Under the agreement, the joint venture will be held as to 80% and 20% by Geely Holding and Concordium respectively, and be co-operated by both parties. The cooperation will make full use of Concordium's technical advantages of blockchain, such as strong encryption, security and the built-in digital identity in protocol layer, and Geely Holding's technology strengths and execution power in China.

Through the R&D of the underlying technology of blockchain, the joint venture will develop blockchain-related industrial solutions, offer BaaS (Blockchain-as-a-Service), and focus on such cutting-edge technologies as digital identity, regulatory technology and privacy-enhancing technology, so as to help clients develop blockchain-powered application scenarios and solutions.

The joint venture is expected to start operation in 2021 after receiving approvals from relevant authorities. Going forward, the new venture will partner with Zhongjian Investment Co., Ltd., a wholly-owned subsidiary of Geely Holding, to co-develop commercial application cases and solutions across multiple industries.

According to Geely, Zhongjiang Investment is headquartered in Beijing and has an operation center in Hangzhou, Zhejiang province. It has invested in a slew of finance and technology enterprises in Beijing, Hangzhou, Chongqing, Ningbo, Shanghai and Copenhagen.

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