New Cryptocurrency Backed by Geely Will Cater to ‘Establishment’


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While governments are struggling to contain cryptocurrencies like Bitcoin and Ethereum, a Swiss-Danish group is introducing a new blockchain technology is said Be ready for regulation from day one.

Supported by one of the founders of Saxo Bank A / S and a director of Volvo Cars, both of whom are owned by Zhejiang Geely Holding Group Co., the project will begin on Wednesday with the launch of its blockchain, linked to Aarhus, Denmark. University was developed. The project's cryptocurrency - Global Transaction Unit (GTU) - will be listed on stock exchanges in the summer.

The foundation behind GTU is called Concordium AG. The main difference between GTU and cryptocurrencies like Bitcoin, says Lone Fonss Schroder, who is also vice chairman at Volvo Cars, will be in its ability to provide the kind of transparency that regulators and members of the mainstream economy want.

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"We have an identification at the protocol level, and that means that every transaction comes with provenance," said Fonss Schroder in an interview. “If the regulator wants to see who did what by court order, they can see it. That is why we say that we have regulatory readiness. "

Concordium raised over $ 40 million from private and strategic sales earlier this year and reached a valuation of $ 4.45 billion, according to a statement. The chairman is the co-founder of Saxo Bank, Lars Seier Christensen.

Crypto regulation

The regulation of Bitcoin and its rivals has become a key challenge as cryptocurrencies, despite - or perhaps because of - their extreme volatility, are attracting ever larger crowds of enthusiasts. But it is far from clear how to regulate a product that is generally designed to be beyond the control of national authorities. Governments from China to the US are trying, but so far there is no viable model that offers real regulation and transparency.

Fonss Schroder says that to hope is that GTU will be more attractive to companies that have considered the payment form but are put off by the secrecy normally associated with crypto transactions. She says the goal is to promote GTU as a cryptocurrency for the establishment.

Geelys billionaire founder Li Shufu "would like to see that you can buy a car with the GTU in the future because it is sustainable," said Fonss Schroder.

The GTU won't put the same burden on the environment as it does Bitcoin mining because it doesn't generate additional coins by using huge amounts of computer energy to crack a code, the founders say. "We used 0.001% of the energy in Bitcoin," says Fonss Schroder.

Bitcoin's carbon footprint has led former loyalists to turn their backs on the world's most popular cryptocurrency. Tesla founder Elon Musk rocked the crypto market earlier this year when he voiced his sudden concern about how energy-intensive bitcoin mining is, while still explaining his belief that cryptocurrencies have a future.

The creators of GTU say that new coins are made using what is known as a proof-of-stake technology, rather than the energy-intensive proof-of-work that Bitcoin uses. According to Concordium, this model could also be more attractive for companies.

- With the support of Frances Schwartzkopff

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https://thedailytradingnews.com/new-cryptocurrency-backed-by-geely-will-cater-to-establishment/

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