Hancom Establishes Its Crypto Subsidiary Arowana Hub
Hancom, an office suite software developer that empowers organizations with comprehensive hardware, software, and financial solutions in South Korea, recently announced that it has established Arowana Hub as the company's crypto subsidiary. The CEO of the new company is Jeon Dong-wook, former CEO of Hancom MDS.
As a new operating corporation of the Arowana Project, the subsidiary plans to distribute the so-called Arowana tokens according to the distribution and marketing plans of Hancom's partners. Up to now, 500 million tokens have been distributed to domestic partners.
An official from Hancom Group said, "In order to operate the Arowana project more directly and transparently, we have decided to establish 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."
According to the report of local media, 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.
Following the announcement of the establishment of Arowana Hub, Arowana tokens are being traded at 4,102 won, up 14.10% from the previous day on Bithumb.
Furthermore, Arowana Hub seeks to combine blockchain, artificial intelligence, and cloud technologies to enhance its digital asset-related services by issuing digital vouchers and codes.
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