[THE INVESTOR] Hyundai Pay said on Jan. 16 it will launch more cryptocurrency “cold wallets” to meet growing demand in Korea.
The first batch of the wallets -- named Kasse HK-1000 -- were introduced in December. But they sold out quickly, according to the firm, so a second round is being produced. Hyundai Pay declined to disclose the exact volume of production.
Cold wallets refer to a USB-like device that stores cryptocurrencies on a separate offline platform to maximize safety, as opposed to “hot wallets,” that are connected only online.
Hyundai Pay's Kasse HK-1000.
Consumers will be able to purchase Kasse HK-1000 on its website by end-January. Retail prices are marked at 130,000 won (US$122).
Kasse HK-1000, designed like a USB, supports eight major cryptocurrencies traded in the local market, including Bitcoin, Ethererum, Ethereum Classic, Litecoin, Bitcoin Cash, Zcash and Dash.
“We are working hard to develop and launch the product as early as possible,” said Hyundai Pay CEO Kim Byung-chul. “Within this month, we will add Ripple, Quantum and Bitcoin Gold to support 11 cryptocurrencies.”
With more Korean major exchanges pledging to keep more than 70 percent of cryptocurrency assets in cold wallets for safekeeping, the demand for the product is expected to increase, according to the firm.
Blockchain-based fintech firm Hyundai Pay was established in June last year by Hyundai BS&C, an IT and construction firm associated with Hyundai Group. Headed by Chung Dae-sun, the company has been eyeing blockchain and cryptocurrency as its new growth engine.
By Ahn Sung-mi (firstname.lastname@example.org)