Blockchain Firm Seven Stars Cloud to raise $ 24 billion for Chinese bus upgrades

Seven Stars Cloud will offer its blockchain services to help secure multibillion-dollar financing for a major Chinese transportation project.

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Digital asset company Seven Stars Cloud (SSC) said it had signed an agreement to secure a $ 24 billion loan for a large-scale expansion of bus services in China, which provides digitization of blockchain-based assets.

With a three-year contract with the National Transportation Capacity electric bus operator, the blockchain company in New York will provide products to finance the fixed income lease, he revealed in a statement. Using its network of alliances, SSC is committed to organizing two funding campaigns: one in China for 60 billion Chinese yuan ($ 8.76 billion) and one on a global scale seeking to raise $ 15 billion .

As a government initiative, China aims to be passed entirely to electric buses by 2021. It is estimated that the replacement of the current system with electric vehicles is worth a total of 1 trillion yuan Chinese ( about 146 billion dollars).

In a commentary on the new signed contract, SSC chairman and CEO Bruno Wu said:

"It represents a new era and a paradigm shift in the way we see asset-based financial products; as a window to the world on how the value of resources and liquidity can be unlocked by traditional industries while we take fixed income products in the digital age. "

According to Jihong Huang, president of National Transportation Capacity, This agreement is crucial in relation to the digitization of fixed income products, as SSC has updated traditional leased finance with blockchain technology, whose main features are global accessibility, flexibility and fractionation.

In contrast to the current cryptocurrency bans, China is increasingly using blockchain in various sectors. In a recent move, Bank of China, a financial services company and China Union Pay, last week supported the creation of a blockchain-based payment system. In an effort to solve billing problems, the Chinese Aerospace Science and Industry Corporation is trying to improve its electronic billing system through blockchain technology.

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