Hyundai Blockchain, Crypto Affiliate to Spend USD 10m + Launch Mainnet

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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June 26, 2023 06:56 EDT

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Hdac, the blockchain and cryptocurrency arm of business conglomerate Hyundai, says it will invest USD 10 million in the industry – using the money to pay for a mainnet, dapps (decentralized apps) services, fund startups and create a “cryptocurrency compensation system”-powered token ecosystem.

Hdac says it wants to launch its mainnet 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: 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).

Per Fn News, Joo Yong-wan, the head of Hdac’s South Korea-based operations, stated that the company was also looking to “cooperate with existing blockchain service providers, such as Kakao’s Klaytn.”

Hdac also wants to create a blockchain incubator. Joo said,

“We plan to establish joint funds with financial companies to discover and foster small but promising blockchain companies.”

Joo added that Hdac was particularly keen to foster companies looking to apply blockchain technology to the financial industry.

The Hdac chief explained that Hyundai’s construction arm Hyundai BS&C would be integrating blockchain technology in a block of apartments the company is currently building in South Korea. Hyundai BS&C will fit each apartment with a blockchain-powered wall pad computer terminal. The company also plans to use Proof of Concept (PoC) developments for its Hyundai Motor division, and wants to apply blockchain technology to its smart homes and smart city operations.

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.”