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Geely Expands its Blockchain Business by Forming New Company

Garrett_Li

Garrett_...

· 7月5日

Information on company data platform Tianyancha shows that Wuxi Geely Blockchain Technology was established on June 30. The company's registered business activities cover blockchain-related software and services, Internet of Things, cultural and art activities and cultural and digital content, etc.

Image Source: Visual China

Image Source: Visual China

Beijing, July 5 (TMTPOST) – Geely, a Chinese multinational automotive company headquartered in Zhejiang Province, has recently incorporated a new company specializing in blockchain technology with registered capital of 100 million yuan.

Information on company data platform Tianyancha shows that Wuxi Geely Blockchain Technology was established on June 30. The company's registered business activities cover blockchain-related software and services, Internet of Things, cultural and art activities and cultural and digital content, etc. 

The company is wholly owned by Wuxi Geely Digital Technology that is co-owned by Zhejiang Geely Digital Technology and Geely International (Hong Kong).

Geely has not responded to Blockchain Daily’s request for comment.

Geely’s blockchain business started in February 2021. Geely has signed an agreement with Concordium Foundation to launch a joint venture in China, which will be providing its clients with blockchain technology services. Later in April, Geely started the company Geely Digital Technology.

Meanwhile, Concordium’s CEO Lone Fønss Schrøder is also the Deputy Chairman of Volvo Cars. Volvo had already been acquired by Geely.

Geely Digital Technology’s inhouse blockchain technology platform GreecoChain, blockchain BaaS platform and GeeTrace have already been launched. Some of the application software have been deployed in Geely’s car products.

Geely’s blockchain operation is headquartered in the Jiangsu Wuxi Economic Development Zone. It is also the blockchain innovation application center jointly set up by Geely and Concordium.

Geely’s CEO Li Donghui said at the agreement-signing ceremony that the establishment of Geely’s global blockchain headquarters is an attempt by Geely to explore cutting-edge technology. Li believes that Geely’s partnership with Jiangsu Wuxi Economic Development Zone and Concordium will drive the application of blockchain technologies in the automobile industry.

Geely’s blockchain operation does not only focus on the automobile industry. In May this year, Geely Digital Technology rolled out its NFT collectible platform Geetaverse. The company is working to collaborate with industry associations in sports, sport competitions and top athletes on the matter.

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