Cryptocurrency Backed by Geely Will Cater to ‘Establishment’ (2)

June 8, 2021, 2:41 PM

As governments struggle to rein in cryptocurrencies like Bitcoin and Ethereum, a Swiss-Danish group is launching a new blockchain technology it says will be ready for regulation from day one.

Backed by one of the founders of Saxo Bank A/S and a director at Volvo Cars, which both count Zhejiang Geely Holding Group Co. as an owner, the project will on Wednesday introduce its blockchain, which has been developed with Denmark’s Aarhus University. The project’s cryptocurrency — Global Transaction Unit (GTU) — will be listed on exchanges over the summer.

The foundation behind GTU goes by the name of …