Crypto-Based Tech Firm Secures $24 Billion Deal to Upgrade Chinese Bus Transportation Systems

Artificial intelligence, and blockchain powered firm, Seven Stars Cloud (SSC) has revealed plans of a $24 billion deal with the National Transportation Capacity (NTS) to help initiate electric bus upgrades in China. The entirety of the project at hand will be completed in a time-span of three years.

According to a report released by PR News Wire, there’s more to the deal than just bus upgrades. A contract that since has been signed by the two parties involved has noted that SSC will be issuing “fixed income leases” through a strategic network that follows by set regulations. This deal is a stepping stone for China, as the country has previously announced plans for changing their bus transportation systems into one that supports electric-based buses by 2021.

Based on the undersigned deal, China will not be the only one getting financing, as another campaign will be supported by the SSC. Whether this implies a country, or a group of countries remains unclear, however it has been written that the second campaign will involve “global markets”. The $24 billion will supposedly be split among the two campaigns, with approximately $9 billion raised in a span of three years for China, and the remaining $15billion for global market financing.

Both heads of the SSC and NTS have since expressed excitement in the efforts being made. The CEO of SSC, Bruno Wu views this deal as being

“ground-breaking […] for blockchain-based fintech companies to gain such a large-scale, asset-backed, contract,” adding that it represents a “paradigm shift in the way in which we view asset-based financial products.”

President of NTS, Jihong Huang believes that his firm and SSC’s have a lot of common views that can help to transform the target market. In particular, Huang said,

“A combination of SSC’s blockchain and AI technologies, combined with our shared mission for unlocking both liquidity and enterprise value through asset digitalization, will result in a significant transformation of the entire lease financing -based fixed income market.”

As for the complete cost for integrating electric buses in China, it has been estimated as being one trill RMB, which is approximately $145 billion.

What are your thoughts on the project at hand? Share below.

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