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South Korean Tech Giant Launches Its Own Crypto Business

www.financemagnates.com 22 June 2021 23:43, UTC
Reading time: ~2 m

Hancom, a South Korean software giant, has announced it has launched a crypto subsidiary named Arowana Hub. According to Maeil Kyungjae, the company looks to make its inception into the blockchain and cryptocurrency business by launching an exchange at a later stage.

The hub will be led by Jeon Dong-wook, the former head of the Hancom MDS software development arm, who is also treading waters into building payment platforms that are token-powered. Also, the subsidiary plans to distribute the so-called Arowana tokens per distribution and marketing plans, including the ones coming from the Hancom Group’s affiliates.

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“To operate the Arowana Project more directly and transparently, we have established a domestic operating corporation after much review and consideration. We plan to operate it, and we will take the lead in creating a healthier market by successfully establishing a virtuous cycle of shared value and coexistence,” an official from Hancom Group commented. Furthermore, the media outlet says the Arowana Hub seeks to combine blockchain, artificial intelligence, and cloud technologies to enhance its digital asset-related services by issuing digital vouchers, codes, and even performing gold actions.

In fact, the company said it plans to open a beta program of Hancom Pay and Arowana Digital Gold Voucher Service as its first service at the end of the month.

Token Revenues Distribution

Per the token’s revenues, Maeil Kyungjae specified: “Partners will use a portion of the revenue generated through token-linked businesses for token repurchase to contribute to the increase in token value. In addition, partners return a portion of token distribution profits to Arowana Hub, and Arowana Hub is a strategy to create a virtuous cycle ecosystem by reinvesting all proceeds only in the Arowana Project business.”

Other domestic tech giants have also been showing some interest in blockchain and cryptos. Recently, Naver, Kakao, and LG expressed their interest to submit their respective bid to be part of the digital won-prototype program set to be handled by the Bank of Korea (BOK).

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