GELYF - Geely Concordium forms JV to provide blockchain technology & service in China

Geely Holding Group (GELYF) and the Concordium Foundation (Concordium) have signed a Joint Venture ((JV)) agreement, which will use latter's Blockchain Technology to become a leading Blockchain Technology- and Service Provider in China. According to the agreement, Geely will own 80% of the JV and 20% will be owned by Concordium. Concordium and its Blockchain Research Center Aarhus - contributes to the technology with its research of Cryptographic primitives for Blockchain, and in the field of Zero-knowledge proofs, peer-to-peer, other spearheading blockchain research, and computer science. The new company is expected to be operational in 2021, subject to regulatory approvals. The JV will cooperate with Genius & Guru, a company wholly owned by Geely. Together the two partners will build business use-cases and solutions in various industries.

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Geely, Concordium forms JV to provide blockchain technology & service in China