Hankook Technology, a South Korean conglomerate and part of the business group that comprises one of the world’s largest tiremakers (Hankook Tire & Technology), has announced that it is branching out into crypto and non-fungible tokens (NFTs).
Per Fn News, the business group will unveil its plans at a meeting to be held at its headquarters in Jung-gu, Seoul, on December 24.
The company explained that it will look to pursue lines of business that “make use of NFTs and cryptocurrency” – looking to tie the move in with its real estate-related business operations. The firm plans to create “blockchain and crypto”-powered real estate “asset trading and brokerage” services and “blockchain”-related real estate “development” business avenues.
The firm’s CEO was quoted as explaining:
“This is the first case whereby a company has combined real estate sales and cryptocurrency. This new sales paradigm will be a game-changer in the future sales market.”
Hankook Technology plans to issue NFTs or a cryptoasset that will allow parties to pay for construction costs, contracts, and property sales, and plans to hire a new director – an “expert” who will be able to “combine cryptocurrency with the real estate sale market.”
Hankook has had considerable success with non-core business operations in recent months. Using its status as a minority shareholder in Daewoo Shipbuilding & Marine Engineering (DSME), a troubled ship-making firm that found itself cash-strapped after its sales fell by 44.7% in the first half of 2021, Hankook successfully turned the company around. DSME is now hoping to pull off a merger with a rival domestic ship-maker, if it can overcome regulatory difficulties with EU anti-monopoly laws.