Hyundai Subsidiary To Setup $10mln. Blockchain Fund

Hyundai Subsidiary To Setup $10mln. Blockchain Fund
October 10, 2019


The cryptocurrency market continues to remain slightly bullish with all the top 20 altcoins in the green. Bitcoin (BTC) is inching upwards to trade at $8,565, representing a gain of 5.5% in the past 24 hours. Ether (ETH) has gained 7.3% to trade at $193.29. XRP, however, remains almost flat at $0.2771. Other major altcoins which have gained in the past 24 hours include EOS (EOS-$3.20, 2.4%), Bitcoin Cash ($236.32, 3.3%), Huobi (HT-$3.37, 6.3%), Ethereum Classic (ETC-$5.01, 9.1%), and Cosmos (ATOM-$2.93, 2.8%), Tron (TRX-$0.0166, 0.6%), Cardano (ADA-$0.0418, 2.5%), Binance Coin (BNB-$17.59, 9.5%), Monero (XMR-$57.15, 4.0%), OKB (OKB-$2.32, 10.6%), Litecoin (LTC-$59.07, 3.9%), Dash (DASH-$73.45, 4.4%), Tezos (XTZ-$0.9339, 4.3%), IOTA (IOTA-$0.2776, 2.1%), Stellar (XLM-$0.0625, 2.2%), ChainLink (LINK-$2.68, 4.0%) and  LEO (LEO- $0.9780, 3%) .


Government level initiatives

SNB and BIS agree to work together on the BIS Innovation Hub Centre

The Swiss National Bank (SNB) and Bank for International Settlements (BIS) have inked a deal to jointly work on the BIS Innovation Hub Centre in Switzerland. The first three innovation hubs of the BIS are planned to be established in Hong Kong, Switzerland, and Singapore.

To begin with, the Swiss center will concentrate on two research ventures, namely incorporation of central bank digital currencies (CBDCs) into a distributed ledger technology framework, and study of the increasing need for monitoring high-speed digital markets by central banks.

The first venture will be carried out as part of a partnership between the SNB and SIX Group, Switzerland’s key financial service provider, as a proof-of-concept. That blockchain-powered CBDC would be “aimed at facilitating the settlement of tokenized assets between financial institutions.”

The primary intention of the new center would be ascertaining and establishing a clear idea about crucial trends in technology impacting central banks and acting as a center point for a community of primary bank specialists on innovation.

In this regard, Thomas Jordan, Chairman of the governing board of the SNB, stated that the central bank is closely monitoring technological innovation and the trend of digitization of the financial industry. He further noted that the new cooperation would permit the partaking banks to further improve their framework and proficiency in financial markets.


Private sector initiatives

KB Kookmin Bank looking at integrating blockchain tech in its internal operations

KB Kookmin Bank of South Korea has expressed its interest in deploying blockchain technology in its internal operations. The bank stated that blockchain technology could offer a range of benefits to the financial sector, including digital token issuance, financing, trading, and custodial service.

The bank intends to deploy decentralized ledger technology to combat money laundering, enhance verification, token offering, and custodial services. Lee Woo-yeol, chief information officer at KB Kookmin, stated that the bank would be actively involved in the implementation of blockchain technology. He said: “We see blockchain as a big wave that will disrupt finance in the future. We need to be ready for the moment when different types of assets turn into tokens, although we don’t know when that will be.”

In June, KB Kookmin inked a memorandum of understanding with blockchain startup Atomrigs Lab to establish digital asset management services that leverage the Lab’s technology and the bank’s internal control framework and data security technologies.

Recently, KB Kookmin and Nonghyup Bank’s management was criticized after scrutiny by the country’s regulator, Financial Supervisory Service (FSS). The FSS identified issues with the “suspicious transaction extraction standard of Kookmin Bank’s virtual currency handling business.”


Hdac Technology to establish $10 mil blockchain investment fund

Hyundai Group’s blockchain subsidiary Hdac Technology intends to establish a $10 million blockchain investment fund this year. The blockchain firm will use the funds to build and launch its mainnet, create decentralized apps, back blockchain startups, and build an ecosystem with a “cryptocurrency compensation system.”

Hdac, which issued the Hyundai token (HDAC), intends to unveil the mainnet in 1Q 2020. The testnet is planned to be unveiled in November. Joo Yong-wan, chief of Hdac’s South Korean office, disclosed Hdac’s plans to raise a pool of investment with other financial entities “to discover and foster small but promising blockchain companies.”

Furthermore, Joo Yong-wan indicated that the company is seeking partnership with domestic blockchain firms such as Ground X, the blockchain subsidiary of South Korean tech company Kakao that rolled out the mainnet of its Klaytn platform in June 2019.



UNICEF introduces crypto fund to back open-source tech

UNICEF (United Nations Children’s Fund) has launched a cryptocurrency fund to support open-source technology “benefiting children and young people around the world.” Therefore, UNICEF turned out to be the first UN organization “to hold and make transactions in cryptocurrency,” namely Bitcoin (BTC) and Ether (ETH).

Henrietta Fore, UNICEF executive director, elaborated on the venture: “This is a new and exciting venture for UNICEF. If digital economies and currencies have the potential to shape the lives of coming generations, it is important that we explore the opportunities they offer. That’s why the creation of our Cryptocurrency Fund is a significant and welcome step forward in humanitarian and development work.”

Notably, the Ethereum Foundation, a Swiss nonprofit entity, turned out to be the first to sponsor the new cryptocurrency fund. Aya Miyaguchi, executive director of the Foundation, supposedly stated that 100 Ethers, worth $18,000, was sent to UNICEF through the latest venture.

These funds “will benefit three grantees of the UNICEF Innovation Fund” and “a project coordinated by the GIGA initiative to connect schools across the world to the internet.”

Miyaguchi further expressed his plan to back the research and development of the Ethereum platform. “We aim to support the research and development of the Ethereum platform, and to grow the community of those that benefit from a technology that will better countless lives and industries in the years to come.”

The UNICEF Innovation Fund pooled an investment of $100,000 in six enterprises for building blockchain ventures. In February, Ethereum hardware hackathon ETHDenver collaborated with UNICEF on a blockchain reward token program.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Richard W

Richard W

Richard is the guy who know everything there is about the financial industry, working in a top firm for over 15 years, he will give the lowdown on some of the biggest companies in the world

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