As per the latest reports, the Concordium Foundation has just signed an agreement for a joint venture with the Geely Holding Group. Concordium Foundation is a prominent enterprise blockchain developer from Switzerland. While Geely Holding Group is a $200 million Chinese Conglomerate with the largest shareholdings in Fortune Global 500 Company and Volvo.
Some of the sources have managed to gather and share some details around the agreement between the two companies. As per sources, 20% of the joint venture will be owned by Concordium while 80% of the venture will be owned by Geely.
The joint venture between the two companies will be targeted towards the clients and businesses in China. It venture will provide participants with the opportunity to access new business models that will be based on the blockchain platforms.
On top of that, the participants would also have access to DApps (decentralized applications) that the industries would be able to use and implement in their companies. The DApps would turn out to be one of the most beneficial and resourceful assets for clients and businesses.
For those who are not aware, Concordium exists as a permissionless and a public layer 1 blockchain. The user identification layer that the platform has is at the protocol level. These protocol levels are further protected with the aid of zero-knowledge proofs.
The platform is known for providing users the ability to make encrypted transfers as well as maintain privacy between them. The platform has also featured an anonymity revoking option that can be brought to use in case of requests from the governments.
If a particular regulator approaches the platform to reveal the identity of a particular user with enough evidence for the investigation, then Concordium can use the anonymity revoking option. This option allows the platform to reveal the identity of the user that is undergoing investigation from the regulators.
This goes onto show that the Concordium has built its services and features very carefully and they can be tailored as per the need of businesses and clients.
This can help companies to operate smoother that is operating in a completely legal and regulated environment. The feature can help the companies and clients maintain privacy as well as maintain compliance with the regulatory authorities.
The executives at Concordium have very strong backgrounds with respect to their experiences and acquaintances. These executives come from big companies such as Saxo Bank, MasterCard, Ikea, Volvo, and many others.
With their experience and ties with their former companies and clients, they will be able to bring in a lot of interest, user-base, and adoption to the newly launched venture.
Both the companies have revealed that they are planning to launch their new venture before the end of the current year 2021.