Hyundai crypto services to launch, firm to rival Kako

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Popular South Korean automobile maker Hyundai crypto services are about to launch as the firm continues to eye the crypto industry. Reportedly, the firm is close to releasing a range of cryptocurrency-related services it would begin to offer.

Hyundai crypto services are about to launch when the firm is known globally only for Automobile production, shipbuilding, and ship arms. However, the firm has been making its crypto debut through its Europe-based Hdac subsidiary.

The Europe based subsidiary is part of the famous automobile maker IT department. It is worthy of mention that the Europe-based subsidiary already released its token and would be expanding its mainnet operations.

Hyundai to rival Kako, local reports claim

Hyundai CEO Chung Dae-sun, on the other hand, as per local report Chosun, claims the firm already has three registered crypto firms trademarked with the Korea Intellectual Property Office. However, Hyundai is yet to make any statement regarding Chosun’s claims, the local Korean outlet believes that Hyundai crypto services when it launches would provide rivalry to firms like Kako.

Hyundai automobile makers are said to be keen on expanding, especially regarding its Hyundai Pay e-pay operation. The firm is believed to begin deploying the use of POS machines and blockchain-based crypto assets.

Backing claims Hyundai crypto services would launch soon

With claims of the firm’s crypto service set to launch only speculations, data released by Korea Intellectual Property Office backs the claim up. The data released revealed that Chung, Hyundai CEO of a recently registered trademark brand named Altum, Atolo, and Rizon. They are all said to be crypto wallets where crypto trading, exchange, crypto hardware and software, insurance, and sales operations can be carried out.

In 2019 also, Hyundai confirmed that they intend to spend $10M on their blockchain operations, and it launched its first dApp on Hdac mainnet this year.

The automobile maker group sales in recent estimations account for around 8.4 billion annually with Chung’s family, operators of the Hyundai subsidiary worth a total of about $15 billion.


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