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.