Geely Holdings And blockchain Company Concordium Establish A Joint Venture

According to an article posted on WeChat, Geely Holding Group and the Swiss Concordium Foundation have signed a cooperation agreement. The two parties will establish a joint venture company in China. The joint venture company will rely on Concordium's blockchain technology to provide Chinese customers including the automotive industry with the blockchain-based business model and DApp.

According to the agreement, Geely Holding and Concordium will hold 80% and 20% of the joint venture company, respectively. The joint venture company will develop blockchain industry solutions and provide blockchain services (BaaS) through the research and development of the underlying technology of blockchain, and will focus on technologies including digital identity, regulatory technology, and privacy enhancement technology to assist customers in various industries to build blockchain application scenarios and solutions.