Hyundai Growing Blockchain Ecosystem Adds Another Piece

Hyundai is planning to launch a blockchain ecosystem via its Europe-based subsidiary, Hdac, and IT arm, Hyundai BS&C, after registering three business 

As per media outlet, Chosun, Hyundai BS&C’s CEO Chung Dae-sun has applied to the intellectual property authorities for the brand names Altum, Atolo, and Rizon. All three applications have the description “electronic wallets that can hold cryptocurrencies.”

 However, Hyundai has not yet revealed the complete details of the conglomerate’s intentions within the blockchain space. 

As of now, it can be predicted through recent trademark filing that the company may plan to provide services like crypto trading, crypto ATMs, crypto-related hardware, software, crypto issuance, and sales.

According to initial reports, these services could contain basic functions required for a Proof-of-Stake, or PoS, ecosystem, like Dapp, storage, and transmission.

Simultaneously, CertiK, a blockchain auditing firm has come in partnership with Hdac, after completing an audit on Hdac mainnet’s design, known as “Friday.”

 The marketing manager of CertiK, Connie Ngo said: 

“Because of their [Hdac’s] future plans, we decided it would make sense to formally partner with one another as a public promise of Hdac’s focus on security and a symbol of CertiK’s ability to support larger enterprise-level solutions such as Hdac’s.”

The automotive car manufacturing giant Hyundai is taking various steps to strengthen blockchain adoption across its business line since 2019.

Back in October 2019, Hdac had announced a $10 million blockchain investment fund. These funds will help to launch the project’s mainnet, develop decentralized applications, support new industry startups, and create an ecosystem with a “cryptocurrency compensation system.”