Arowana Hub, a crypto auxiliary company, has been formally launched on Wednesday by the South Korean tech giant, Hancom. Intending to start an exchange at a future date, the software giant seeks to enter the blockchain and crypto business. Hancom MDS software development arm’s former chief Jeon Dong-wook will spearhead the venture.
Dong-wook is currently also pursuing building token-powered payment platforms. In addition to the tokens coming in from the Hancom groups’ sister companies, the crypto offspring will also disseminate the Arowana tokens as per its distribution and marketing plans. A Hancom Group executive said that after much deliberation, a locally domiciled company has been created to run the Arowana project with transparency.
Based on coexistence and commonly shared values, the Hancom Group plans to operate the subsidiary by building a healthy market. The Arowana Hub will issue even-performing gold actions, codes, and digital vouchers to augment its crypto-related services using cloud technologies, artificial intelligence, and blockchain. By the end of the month, the company’s first offerings would be a Hancom Pay beta program and the Arowana Digital Gold Voucher Service.
Token-linked businesses’ income generated will be used by partners to repurchase the tokens to increase the token value. In return, Arowana Hub receives a percentage of token distribution windfall from partners. By creating a cyclical ecosystem of investments, the strategy is to plough back the profits in Arowana Hub projects.
Blockchain and crypto projects have been drawing the attention of other South Korean tech giants too. The Bank of Korea’s crypto-won prototype program has received interest bids from LG, Kakao, and Naver recently.