The blockchain-focused arm of Hyundai, Hdac Technology, has announced that it would set up a $10 million USD fund to invest in it’s blockchain. According to the official reports, the company is set to use the money to launch it’s mainnet and later to develop applications for it.
Hdac’s goal, the press release affirms, is to support industry startups and to help in the creation of an ecosystem that will create a crypto compensation system. The official crypto of the network will be the HDAC tokens, which will be released in the first quarter of 2020 if there is no delay announced.
Initially, the testnet of the network is set to be released in November 2019 and the mainnet will come in the following year.
So far, Hyundai has been embracing the blockchain technology. The company has recently announced that it would use for some of its cars and started a partnership with IBM to develop for the technology.
Hdac is also set to cooperate with Kakao’s crypto subsidiary Ground X. The company has recently launched its Klaytn platform, which is also based on the blockchain technology and Joo Yong-wan, the head of Hdac, wants to start partnerships with companies from the country to take the initiative off the ground.
Another goal of the company is to start joint funds to find other promising projects and support them as well. To do this, it will be partnering with companies such as Ground X and other undisclosed Korean companies.