Hyundai’s Crypto Arm Launches a Blockchain Ecosystem and Incubator
NEWS
October 07  |  2 min read

Hyundai’s Blockchain Branch to Invest $10M in Blockchain Ecosystem and Incubator

The COIN360 Editorial Team

Hdac Technologies, which is known to be the blockchain and crypto arm for South Korean business giant Hyundai, has announced its plans to invest $10 million in a complex proprietary blockchain mainnet and startup incubator.

According to Joo Yong-wan, the head of Hdac’s South Korean office, the money will be spent on the development of a mainnet, associated decentralized apps, a blockchain startup incubator, and a “cryptocurrency compensation system.”

The launch of the testnet is scheduled for November 2019, whereas the mainnet is to become operational in Q1 2020. Hdac aims to adjust blockchain technology to the needs of Hyundai’s core businesses, namely, the auto industry and construction.

Joo Young-wan specified that Hyundai’s construction arm, Hyundai BS&C, plans to equip the apartments that are currently under construction in South Korea with blockchain-powered wall pad computer terminals, as well as add blockchain-powered features to its smart homes and smart city operators. At the same time, Hyundai Motor is looking forward to applying certain Proof of Concept (PoC) developments.

Speaking of a blockchain incubator for prospective startups, Joo said:

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

Thus, Hyundai follows the trend of launching corporate blockchain ecosystems, pioneered by other South Korean business giants, such as LG and Kakao.