Volvo owner Zhejiang Geely Holding and Swiss blockchain firm Concordium announced Friday a joint venture to provide blockchain technology and decentralized applications for clients in China.
- The joint venture will use Concordium’s blockchain technology to help customers build businesses such as digital identity, regulatory and privacy enhancement technologies.
- Under terms of the deal, Geely will own 80% of the venture while Concordium will own the rest. Both parties will co-manage the venture.
- The new company will work closely with Geely subsidiary Genius & Guru and is slated to be operational in 2021, subject to regulatory approval.
- Both Volvo and Zhejiang Geely Holding are owned by the Chinese billionaire Li Shufu.
- Switzerland-based Concordium's technology facilitates encrypted transfers and the use of zero-knowledge proof mechanisms.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.