The South Korean electronics behemoth LG Electronics has formally integrated blockchain and cryptocurrency to its company charter.
LG’s Crypto exchange could launch soon
LG has established two new crypto-related goals, according to the article, including “creating and marketing blockchain-related software” and “selling and brokering cryptocurrencies.” This would imply a bitcoin trade of some sort.
However, it’s worth noting that the corporation must still make certain decisions about how and what to do. Nothing has been decided in writing yet, and talks are still in the early stages.
Another option is that it will be done as part of a collaboration. LG announced a cooperation with Bithumb, a South Korean cryptocurrency exchange, earlier this year. They’ll collaborate on the NFT market, but this could backfire.
Cryptocurrencies and Blockchain are more and more widely used.
LG is currently making great strides in the crypto world. Earlier this month, it was announced that they would be partnering with blockchain company “Kakao’s Ground X” to introduce a smart TV that is fully compatible with NFT.
The fact that tech giants are now entering the crypto world seems to be a trend. Cryptocurrencies and blockchain-related technologies are expanding. Earlier this year, South Korean tech giant Samsung announced it would launch its own NFT platform for its smart TVs, as well as its own store in Decentraland’s Metaverse. It is currently unknown what the next step for these tech giants will be.
Cryptocurrency adoption is surging globally, as institutions and corporations aim to capitalize on the burgeoning sector. Finally, more and more leading companies from different sectors are jumping on board the blockchain train to appease their customers and attract new entrants.
Another tech giant recently decided to jump into the race. LG Electronics has added cryptocurrencies and blockchain devices as new business areas in its corporate charter.
Expansion through cryptocurrency and blockchain
Heralding an expansion into new areas beyond home appliances, South Korean tech giant LG Electronics has updated its business development goals to include cryptocurrency and blockchain-based software.
The Korean local media organization reported that LG added two distinct crypto-related goals during its annual general meeting on March 24. The new goals include “development” and “selling blockchain-based software” and “selling and brokering cryptocurrencies.”
LG’s recent announcement has left everyone wondering if the company will establish some form of exchange or cryptocurrency market.
A spokesperson for the company told local news organizations that “no decision has yet been made” regarding the construction of the crypto market. According to the report, the company only mentioned expanding the business area to a large area.
Notably, the tech maker introduced smart TV models with an NFT option last month with a blockchain company called Kakao’s Ground X. LG also announced a partnership with Seoul Auction Blue, a company focusing on NFT, to carry out NFT related projects.
The Korean market is going to be strong
South Korea is a well-known hub for cryptocurrency trading. According to a recent survey, approximately 3.8% of the population owns some type of crypto-asset. Furthermore, South Korean crypto vendors recorded a net profit of $2.7 billion last year.
It looks like the market offers good growth scope for companies as demand for digital assets in the country is growing. Earlier this year, competitor LG Samsung announced that it would be launching its NFT platform for smart TVs and its store in Decentraland reversed.
In South Korea, native blockchain platforms like Klaytn are seeing their domestic dominance dwindle, with competitors like Polygon taking over the NFT market.
Earlier this year, rumors of LG creating a crypto-related marketplace surfaced when Bithumb CEO Heo Baek-young confirmed that the exchange was working with “a major company” to develop a cryptocurrency exchange. NFT market development.
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