Swiss blockchain company enters joint venture with Chinese conglomerate
Concordium and Geely to work together to develop blockchain solutions for corporate clients in the Chinese market.
Swiss blockchain company Concordium Foundation has entered into a joint venture with the US$200 billion Geely Holding Group. The Chinese conglomerate is the largest shareholder in Volvo and is one of the top 500 largest companies in the world.
The joint venture is 80% owned by Geely Group and 20% by Concordium, but is operated equally by the two companies. The aim of the cooperation is to develop new Bitcoin Future scam blockchain solutions for the Chinese market, on which companies can build and found new business ideas for a wide range of industries.
As Cointelegraph had previously reported, the Concordium network is an open layer-1 blockchain that has a user ID secured via zero-knowledge proofs. Although the blockchain encrypts data transfers and focuses on privacy, Concordium also includes a built-in feature that can selectively remove anonymity so that government agencies can view certain data if needed.
The latter is particularly interesting for companies that have to operate under strict regulatory requirements. This is intended to create an optimal balance between data protection and compliance with the law. Concordium marketing head Beni Issembert tells Cointelegraph in this context:
„The business world is struggling to embrace technologies with full data protection, which is why at Concordium we have developed an open blockchain that can be adapted to the needs of businesses, but nonetheless allows users to protect their data unless they have bad intentions.“
This makes it all the better to find projects
Concordium’s management and board are made up of former top executives from well-known companies such as Volvo, Ikea, Saxo Bank, Mastercard and others, giving the company connections in many industries. This makes it all the better to find projects, partnerships and areas of application for the company’s own blockchain.
Provided that regulatory approval is granted, the joint venture can be launched before the end of the year, with the initial focus on supporting corporate clients who want to use blockchain technology in the areas of digital identity, regtech and data protection.
Furthermore, the joint venture will also cooperate with the fintech company Genius & Guru, which is fully owned by Geely. Genius & Guru, in turn, has already invested in other fintech companies based in Beijing, Shanghai and Copenhagen.
Daniel Donghui Li, CEO of Geely Holding Group, is confident that the group will be able to establish new standards for the Chinese market with the help of the Concordium blockchain:
„Through our cooperation in China, we are further developing blockchain technology and bringing it to practical application. We want to build a market-leading blockchain ecosystem to reduce costs for corporate clients and help them create their own blockchain applications.“