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Hyundai ‘May Look to Rival Kakao’ with New Cryptocurrency Move

Hyundai ‘May Look to Rival Kakao’ with New Cryptocurrency Move 101
Source: Adobe/Jax10289

South Korea could be about to see its most affluent player yet enter the crypto fray – with business group Hyundai reportedly on the verge of releasing a range of cryptocurrency-related services.

The company, most famous internationally for its carmaking, shipbuilding, construction and shipping arms, has been channeling its blockchain and crypto efforts through its Europe-based Hdac subsidiary, which answers to its Hyundai BS&C (IT services) arm. Hdac has already released a token and has plans to expand its mainnet operations.

And per Chosun, Hyundai BS&C’s CEO Chung Dae-sun has registered three crypto-related business trademarks with the Korea Intellectual Property Office.

Although the company is yet to reveal any details about its exact intentions, Chosun believes that Hyundai may intend to launch a comprehensive blockchain ecosystem of partners to rival the likes of Kakao and its Klaytn network, linking dapps to an e-pay platform.

The company appears keen to expand on its existing Hyundai Pay e-pay operations, and confirmed that it may soon look to make use of “POS [point-of-sale]” technology and “blockchain-based crypto-assets.”

Data released by the Korea Intellectual Property Office shows that Chung recently registered trademarks for brands named Altum, Atolo and Rizon, with all three described as “electronic wallets that can hold cryptocurrencies.”

Per the Korea Intellectual Property Office data, the trademarks pertain to services including cryptocurrency trading and exchange business operations, crypto-related hardware and software, as well as “cryptocurrency issuance” and “cryptocurrency sales.”

Last year, the company affirmed plans to spend some USD 10 million on its blockchain operations, and in March this yearit launched the first dapp on the Hdac mainnet.

Hyundai Group sales, per recent figures, currently account for some USD 8.41 billion a year. The Chung family, whose scions operate the various Hyundai subsidiaries, is thought to be worth a combined total of around USD 15 billion.

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