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Hyundai would be looking to launch a blockchain ecosystem through its European-based subsidiary, Hdac, and the IT arm, Hyundai BS&C, after registering three trademarks with the Korea Intellectual Property Office.

According to Chosun, a local media outlet, Hyundai BS&C’s CEO, Chung Dae-sun, applied to the IP authorities for the Altum, Atolo and Rizon trademarks. Each application has the description „electronic wallets that may contain crypto-currencies“.

Hyundai’s blockchain arm would set up a USD 10 million fund for the launch of its mainnet

Will cryptomoney and ATM trading services be available soon?
Hyundai has not yet revealed more details about the conglomerate’s intentions within the blockchain space.

The data from the recent trademark application indicates that the company may aim to provide services such as cryptomoney trading, cryptomoney ATMs, hardware, software, cryptomoney issuing and cryptomoney related sales.

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Initial reports state that these services could contain basic functions required for a Proof-Of-Stake, or PoS, ecosystem, such as Dapp, storage and transmission.

A blockchain firm partnered with Hyundai’s blockchain arm
At the same time, CertiK, a blockchain audit firm, signed a partnership with Hdac, after completing an audit of Hdac’s mainnet design, known as „Friday“.

Hyundai-backed HDAC announces Blockchain development plan

Connie Ngo, marketing manager at CertiK, said:

„Because of [Hdac’s] future plans, we decided it would make sense to formally partner with each other as a public pledge of Hdac’s focus on security and a symbol of CertiK’s ability to support larger, enterprise-level solutions like those from Hdac.

South Korea’s auto manufacturing giant has been taking steps to strengthen blockchain adoption across its business line since 2019.

Hdac announced a $10 million blockchain investment fund in October 2019. The funds will help launch the project’s core network, develop decentralized applications, support new industry ventures, and create an ecosystem with a „crypto-currency compensation system.