Hyundai blockchain arm to invest US$10mn to create crypto ecosystem: Korean media

By Staff Writer

Hdac, the blockchain and cryptocurrency arm of the South Korean business conglomerate Hyundai, will invest USD10mn in the crypto industry with the goal of creating a crypto ecosystem. These would include the development of mainnet, dapps (decentralized apps) services, fund startups, and crypto compensation system, according to a Korean language news source.

Hdac says it wants to launch its main net during the first quarter of next year, and has revealed details of how it hopes to adopt blockchain technology in Hyundai’s core business areas such as automobiles and construction.

Hdac has previously released a cryptocurrency through a European subsidiary, but now appears set to take its blockchain business to the next level – responding to a slew of rival South Korean mega-companies that have also launched mainnets (including the likes of LG and Kakao).

Joo Yong-wan, the head of Hdac’s South Korea-based operations, was quoted as saying that the company was also looking to “cooperate with existing blockchain service providers, such as Kakao’s Klaytn.” The company also want to explore tie-ups that including applying blockchain to the financial industry.

Last month, Hdac announced it was working on a new blockchain-powered ID verification platform, and earlier this year, Hyundai’s e-pay arm Hyundai Pay appointed a new blockchain-keen CEO with a view to “expanding its blockchain-based fintech business.”

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