Hyundai, the South Korean-based automotive giant, is looking to launch a blockchain ecosystem through its Europe-based subsidiary, Hdac, and IT arm, Hyundai BS&C, after registering three business trademarks with the Korea Intellectual Property Office.
It has been reported by a local media outlet Chosun that Chung Dae-sun, the CEO of Hyundai BS&C, has applied to the intellectual property authorities for the brand names Altum, Atolo, and Rizon, as each application has the description “electronic wallets that can hold cryptocurrencies.”
However, Hyundai has yet to reveal more details about the conglomerate’s intentions within the blockchain space.
The report said that the data from the recent trademark filing indicates that the company may aim to provide services like crypto trading, crypto ATMs, crypto-related hardware, software, crypto issuance, and sales.
Initial reporting claims that these services could contain basic functions required for a Proof-of-Stake, or PoS, ecosystem, like DApp, storage, and transmission.
Connie Ngo, the Marketing Manager at CertiK, said:
“Because of their [Hdac’s] future plans, we decided it would make sense to formally partner with one another as a public promise of Hdac’s focus on security and a symbol of CertiK’s ability to support larger enterprise-level solutions such as Hdac’s.”
Likewise, Hyundai has been taking steps to strengthen blockchain adoption across its business line since 2019, as Hdac announced a $10 million blockchain investment fund in October 2019.
Thus, the funds will help to launch the project’s mainnet, develop decentralized applications, support new industry startups, and create an ecosystem with a “cryptocurrency compensation system.”