Hyundai’s Blockchain Arm to Set Up $10M Fund for Mainnet Launch: Report
Helen Partz's original article for cointelegraph.com reduced by 43%
Hdac Technology, the blockchain arm of South Korea's largest car manufacturer Hyundai Motor Group, plans to set up a $10 million blockchain investment fund in 2019.Hdac testnet to launch in November 2019. Hdac, issuer of Hyundai token, is planning to release its mainnet in Q1 2020, the report notes. Joo Yong-wan, the head of Hdac's South Korean office, reportedly announced the news at a press conference during the Korea Blockchain Week held between Sept.
29 and Oct. 4. The executive revealed Hdac's plans to establish joint funds with financial companies "To discover and foster small but promising blockchain companies." Joo Yong-wan noted 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 has been actively embracing blockchain technology so far. Earlier this year, Hyundai's financial services subsidiary Hyundai Commercial has partnered with global tech giant IBM to transform its business model using blockchain.
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