Swiss enterprise blockchain developer, the Concordium Foundation – has reportedly inked a joint venture agreement with the Geely Holding Group, to roll out a blockchain venture in the region. 

Specifically, Geely will reportedly be in possession of 80% of the joint venture, with Concordium taking up the remaining 20%, and both firms will jointly handle operations. 

The venture reportedly has a primary goal of offering China-based establishments and customers access to new blockchain platform-powered business models and DApps – deployable throughout numerous sectors. 

Concordium reportedly functions as a public and permissionless layer 1 blockchain, featuring a user-identification layer at the protocol level, using zero-knowledge proofs to safeguard. 

“The enterprise and business world finds it hard to embrace technologies with no privacy orientation, which is why at Concordium we have developed an open and permissionless technology that can adapt to the enterprise needs while allowing the user to maintain its privacy as long as he’s not a bad actor.”

Pending greenlight from regulators, Concordium and Geely’s joint venture reportedly is set to go live in 2021, with a primary target to direct its resources towards assisting enterprise clients to integrate new technologies associated with digital identity, regtech and privacy enhancement technologies.

The joint venture will also team up with a fintech-focused firm dubbed Genius & Guru – under Geely’s management – which has already made investments in financial entities and fintechs across China urban areas, nominally Beijing and Shanghai, together with Copenhagen, Denmark.