Hyundai Card, which was the fourth largest credit card company in South Korea in 2021, is planning to build its wallet service as well as non fungible tokens (NFTs) based on its assets with Web3. The Hyundai Motor Group’s credit service has announced that it would be partnering with South Korean tech startup Like Lion. This is the credit arm’s first venture into Web3, although Hyundai Motor Group tested blockchain technology based Web3 with Like Lion in April 2022, with NFTs on Open Seas.
Hyundai Card has investments in artificial intelligence (AI) as well as in blockchain technology. Investing in NFTs and Web3 is the next step forward. The NFT marketplace with Like Lion will be launched in the second half of the year. It will be called Modern Lion. Hyundai Card’s assets will be be minted as NFTs.
Hyundai Card had an operating income of approximately $324 million in 2021. Startup Like Lion already has a few block chain products. They include MetaKongz, which is an NFT profile picture collection as well as Syltare, which is a play-to-earn trading card game.
Like Lion is a startup that was founded in 2013. It offers programming education to those who are not professionals, to help them develop their own web services.
Hyundai Card has been looking to extend its footprint on Web3. Earlier this year, the financial firm had posted job openings for professionals with experience in blockchain technology as well as NFTs.
The joint partnership between Hyundai Card and Like Lion will begin functioning sometime after June. Hyundai Card Vice Chairman and CEO Chung Tae-young said that when big companies and startups had joint ventures, both of them should be “willing to co-operate with each other on an equal footing.” He added that both the companies would “maximize synergies.”
Duhee Lee, who is the CEO of Like Lion said that they would put in tremendous efforts to make their joint venture Modern Lion “an influential NFT player” in the global market. As Web3 is expanding beyond expectations, new players are entering from not only the financial sector but also from several different sectors.