Hyundai’s Blockchain Arm to Set Up $10M Fund for Mainnet Launch: Report
Hyundai’s Blockchain arm, Hdac Motor Group is planning to set up a $10 million blockchain investment fund for mainnet launch in 2019.
Hdac Testnet Lauch
On Oct. 6. Korean outlet, The Financial News reported that ‘Hdac will spend the funds on launching its mainnet, developing decentralized applications, supporting new industry startups and creating an ecosystem with a “cryptocurrency compensation system”.’
Hdac is planning to release its mainnet in the first quarter of 2020. The issuer of the Hyundai token is (HDAC) is planning to launch announced previously that the testnet is scheduled to launch in November.
Cooperation with Kakao
The news was announced during Korea Blockchain Week held during Sept. 20 and Oct. 4. Hdac’s plans to establish joint funds with financial companies “to discover and foster small but promising blockchain companies.”
Joo Yong-wan, the head of Hdac’s South Korean office said that the firm is ‘looking for cooperation with local blockchain businesses such as Ground X, the blockchain arm of South Korean tech giant Kakao that launched the mainnet of its Klaytn platform in June 2019.’
Hyundai Embraces Blockchain Technology
Hyundai, the largest car manufacturer in South Korea has been active in embracing blockchain technology.
In April, Hyundai announced an application for pairing smartphones with electric vehicles.
On the other hand, this year Hyundai Commercial, the financial services subsidiary of Hyundai announced that it is partnering with global tech giant IBM to transform its business model using blockchain.
Source: Cointelegraph.com | Image: AFP