Blockchain focused fintech company, Seven Stars Cloud has won a $24 billion deal for china’s electric buses to be upgraded, in order to meet the governments plan to replace all buses with electric buses by 2021.
As stated in a press release published on Monday, Seven Stars Cloud Group (SSC), a publicly traded company on Nasdaq, has signed a three year exclusive contract with China‘s biggest electric bus operator, National Transportation Capacity Co Ltd (NTS).
The deal will see SSC manage two funding campaigns to raise $8.75 billion in China, and the other open to global markets for $15 billion, over the three years. SSC CEO, Wu stated:
“This is a truly ground-breaking deal globally for blockchain-based fintech companies to gain such a large-scale, asset-backed, contract,”
Seven Stars Cloud, a U.S.-based global company specialising in both artificial intelligence (AI) and blockchain technology, with a focus on digital asset production and distribution, has developed a solution to secure transactions, and integrates smart contracts for proof of ownership.
Landing this contract, should go a long way in SSC proposed $283 million project, dubbed Chain Valley, to develop a global headquarters for technology and innovation in Connecticut, which is expected to create 330 jobs over the next five years.
As a full-service operator for electric buses, NTS also offers sales, lease financing, a charging station network and real-time data services that include payments, maps and facial recognition. Jihong Huang, President of NTS said:
“SSC has taken traditional lease financing business offerings and rejuvenated them with today’s new technology”
SSC will provide both fixed income and asset digitisation products, through its regulatory compliant blockchain ecosystem. Bruno Wu, chairman and CEO of SSC, said that the deal will:
“serve as a window to the world on how asset value and liquidity can be unlocked by traditional industries, as we take fixed income products into the digital era.”
China intends to achieve fully-electric bus operations through major replacements and upgrades by 2021, equating to an estimated $145 billion market. NTS President, Huang stated:
“Each of the leading ten bus manufacturers in China strongly back NTS in this initiative, and the success of this transaction with SSC will place asset-backed digital offerings firmly on the map.”