The shareholder of some of the most widely known car brands like Volvo and Lotus has begun its blockchain development initiative in China.
On March 22nd, Concordium published a press release regarding the joint venture with Geely Holdings, which was hinted at back in February of 2021. Today, the two companies will be looking to launch a Blockchain Innovation & Application Center in the city of Wuxi in China.
With the collaboration, Geely will attempt to innovate and implement blockchain technologies in car manufacturing under its subsidiary company Geely Digital Technology, which will also focus on investing in blockchain firms.
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In fact, Geely's digital innovation subsidiary, in collaboration with Concordium, has already developed several crypto products directed towards the automotive industry like digital asset adaptation services and several blockchain platforms for car products.
According to the post, Concordium will later be leading the development of other services including metaverse initiatives, presumably NFTs, and environmental-friendly efforts such as carbon neutrality.
CEO of Geely Holdings Daniel Donghui spoke on the upcoming blockchain innovation establishment, stating:
"The in-depth cooperation between Geely Holding and Wuxi Economic Development District in the field of blockchain technologies will help accelerate the development of the blockchain industry in Wuxi. The policy and resource support of Wuxi Economic Development District is also conducive to the rapid development of Geely Holding's blockchain technology and business."
Likewise, Chairman of the Concordium Foundation Lars Seier Christensen highlighted the launch of their blockchain development center in China which will assist "innovative brains from top-ranked universities in the world and top software developers" in ramping up newly launched crypto projects.
