Blockchain company raised $ 24 billion for upgrades of electric buses in China


The blockchain technology company and AI Seven Stars Cloud Group has secured a $ 24 billion deal to finance updates on large electric buses for the largest Chinese full service operator.

According to a press release published on Monday, with an exclusive contract with National Transportation Capacity Co Ltd (NTS), Seven Stars Cloud will issue products to finance fixed income leasing through its blockchain ecosystem of regulatory complaints, including a campaign based in China and the other open to global markets.

In particular, through the Chinese and international financing campaigns, Seven Stars Cloud – a company listed on the Nasdaq – plans to raise $ 8.75 billion and $ 15 billion respectively over three years. While, for the financing of China SSC will focus on the sale of fixed income products, for international markets, SSC will provide both fixed income products and asset digitization products.

NTS is China's largest full-service electric bus service, according to the release. It also offers sales, rental financing, a network of charging stations and data services in real time.

Bruno Wu, president and CEO of SSC, said that such a large, asset-backed contract is "revolutionary" for fintech companies backed by blockchains around the world.

He added:

to serve as a window on the world on how the value of resources and liquidity can be unlocked by traditional industries when we bring fixed income products into the digital age. "

The partnership comes between the Chinese plan to replace all buses with electric buses by 2021. The market size for replacements and upgrades to achieve fully electric bus operations in China is estimated in the announcement to about $ 145 billion.

Electric Bus, Shanghai, image via Shutterstock

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