Hdac Technology, the blockchain division of the South Korean automobile giant Hyundai Motor Group, plans to create a $ 10 million investment fund in 2019 to finance the blockchain.
Hdac will spend money on launching the main network of its blockchain project, developing decentralized applications, supporting new industry startups and creating an ecosystem with a “cryptocurrency compensation system,” said
Korean edition of The Financial News.
Hdac, the Hyundai Token Issuer (HDAC), plans to launch the main network of the project in the first quarter of 2020, the report says. It was previously reported that it is planned to launch a test network in November.
The head of the South Korean office of Hdac, Joo Yong-wan, announced this during Korea Blockchain Week, which took place earlier this month. The CEO has unveiled Hdac’s plans to create joint funds with financial companies to promote the development of small but promising blockchain companies. ”
In addition, Zhu Yong-wang noted that the company wants to collaborate with local blockchain firms, for example, Ground X, the blockchain division of South Korean technology giant Kakao, which launched
the main network of its blockchain Klaytn in the summer of the year.
Hyundai is actively exploring the introduction of blockchain. In February, the South Korean city of Busan signed
a memorandum of understanding with Hyundai Pay to develop the blockchain industry in the region. In April, Hyundai announced that it will use the blockchain in the electric car control system, and in July it became known that Hdac and CasperLabs will create a blockchain based on PoS.
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