New Delhi: The Concordium Foundation and the Geely Holding Group have signed a joint venture (JV) agreement to offer businesses and customers access to new blockchain platform-based business models and user DApps for all industries, including the automotive segment, the companies said in a joint statement on Friday.
According to the agreement, Geely will own 80% of the JV and Concordium 20%. The joint venture will be co-managed by both the parties.
Geely said the JV is one of the next steps to cement this technology leadership. Being the first step in the strategic alliance between Concordium and Geely, the new company is expected to be operational this year, subject to regulatory approvals.
The JV will provide blockchain business models and assist customers in building business use-cases and solutions in various industries by focusing on relevant cutting-edge technologies like digital Identity, regulatory and privacy enhancement technologies.
It will also cooperate with Genius & Guru, a company wholly owned by Geely. Together the two partners will build business use-cases and solutions in various industries.
Daniel Donghui Li, CEO of Zhejiang Geely Holding Group, said, “Being able to leverage Concordium’s world-class blockchain technology will set industry standards with its underlying infrastructure for blockchain applications. By joining forces in China, we will apply and develop this technology further and explore pathways to build a leading blockchain industry ecology to reduce the cost of trust and provide companies with access to a platform with the tools they need to develop blockchain-based applications together and grow in the Internet of Value.”
“Concordium is excited about this joint venture which will enable us to empower Chinese clients with one of the leading blockchain technologies of the world, and also gain synergies from one of the leading companies in China within the fast-moving technologies, for the future development of Concordium,” Lars Seier Christensen, chairman, Concordium Foundation, said.