Hdac Technology, a blockchain-focused unit of Hyundai Motors, the biggest car manufacturer in South Korea, has revealed plans to establish a US$10 million blockchain investment fund that will be used for launching its mainnet in the first quarter of 2020.
According to Cointelegraph, the US$10 million blockchain fund will go towards developing dApps, investing in new startups and strengthening an ecosystem with a “cryptocurrency compensation system”, as well as launching a testnet in November 2019.
Hdac had previously issued Hyundai token (HDAC) as part of its blockchain and crypto development project. It has also scheduled the release of its mainnet for the first quarter of 2020.
The report on the newly-established funds was released during Korea Blockchain Week, organized from September 29 to October 4.
Joo Yong-wan, head of Hdac’s South Korean office, also stated that Hdac is looking to form joint funds with banking and financial institutes as a way to “to discover and foster small but promising blockchain companies”.
Moreover, he said Hdac is actively seeking new partnerships with local blockchain developers such as Ground X, the blockchain unit of Kakao, whose mainnet Klaytn platform was recently introduced in June 2019.
Automotive giant Hyundai has embarked on several projects to promote blockchain, from the firm’s move to launch a blockchain application that will allow electric vehicles to pair with smartphones, to using its financial services company Hyundai Commercial to enter into a partnership with international tech firm IBM to digitally transform its business model by implementing blockchain technology.
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