Hyundai Adds Another Piece to Their Growing Blockchain Ecosystem

Hyundai is reportedly looking to launch a blockchain ecosystem through its Europe-based subsidiary, Hdac, and IT arm, Hyundai BS&C, after registering three business 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 intellectual property authorities for the brand names Altum, Atolo, and Rizon. Each application has the description “electronic wallets that can hold cryptocurrencies.”

Crypto trading services and ATMs coming soon?

Hyundai has yet to reveal more details about the conglomerate’s intentions within the blockchain space. 

The data from the recent trademark filing indicates that the company may aim to provide services like crypto trading, crypto ATMs, crypto-related hardware, software, crypto issuance, and sales.

Initial reporting claims that these services could contain basic functions required for a Proof-of-Stake, or PoS, ecosystem, like Dapp, storage, and transmission.

Blockchain firm partnered with Hyundai’s blockchain arm

At the same time, CertiK, a blockchain auditing firm, signed a partnership with Hdac, after completing an audit on Hdac mainnet’s design, known as “Friday.”

Yvan Nasr, Certik’s head of professional services, said:

“Our partnership marks a commitment on both sides to providing users high levels of security and trustworthiness on IoT systems built with blockchain technology. As Hdac continues to build seamless blockchain solutions, we look forward to leveraging our blockchain design, development and security expertise to help their team deliver decentralized systems that scale.”

The South Korean car 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 to launch the project’s mainnet, develop decentralized applications, support new industry startups, and create an ecosystem with a “cryptocurrency compensation system.”