Volvo Owner Geely and Concordium in JV to Offer Blockchain Services, Apps in China

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.

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