Share this article
Volvo Owner Geely and Concordium in JV to Offer Blockchain Services, Apps in China
Geely will own 80% of the venture while Concordium will own the rest.
Updated Sep 14, 2021, 12:14 p.m. Published Feb 19, 2021, 12:20 p.m.
Volvo owner Zhejiang Geely Holding and Swiss blockchain firm Concordium announced Friday a joint venture to provide blockchain technology and decentralized applications for clients in China.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- The joint venture will use Concordium’s blockchain technology to help customers build businesses such as digital identity, regulatory and privacy enhancement technologies.
- Under terms of the deal, Geely will own 80% of the venture while Concordium will own the rest. Both parties will co-manage the venture.
- The new company will work closely with Geely subsidiary Genius & Guru and is slated to be operational in 2021, subject to regulatory approval.
- Both Volvo and Zhejiang Geely Holding are owned by the Chinese billionaire Li Shufu.
- Switzerland-based Concordium's technology facilitates encrypted transfers and the use of zero-knowledge proof mechanisms.
Read more: Blockchain Data Indexer ‘The Graph’ to Support Polkadot, Solana, NEAR and Celo
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
Top Stories
