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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