South Korean tech giant LG Electronics has officially updated its business development goals to include cryptocurrency and blockchain-based software.
South Korean tech giant LG Electronics has officially added blockchain and cryptocurrency as new business areas in its corporate charter.
According to a local South Korean report, LG added two separate crypto-related goals at its annual general meeting on Thursday. Goals include “developing and selling blockchain-based software” and “selling and brokering cryptocurrency,” suggesting that LG would establish some form of crypto exchange.
Asked about the company’s plans to launch its own exchange or platform, an LG spokesperson tempered any speculation, saying, “Nothing has been decided yet. We have just mentioned fields of activity in general.
Rumors of LG creating a crypto-related marketplace surfaced earlier this year when Bithumb CEO Heo Baek-young confirmed that the exchange was working with « a big company » to develop a crypto-related marketplace. non-fungible tokens (NFT).
The tech maker has been on a warpath of NFT adoption and integration, announcing earlier this month that it was working with blockchain tech company Kakao’s Ground X to introduce a range of fully NFT-enabled smart TVs. . LG also announced a partnership with Seoul Auction Blue, an online art auctioneer, to carry out other projects related to NFT-based artworks.
LG’s announcements come as other tech giants and South Korea more broadly continue to embrace cryptocurrencies and blockchain-related technologies. Earlier this year, fellow South Korean tech giant Samsung announced it would launch an NFT platform for its smart TVs, along with the launch of its own store in the Decentraland metaverse.
Most notably, the country elected crypto-friendly President Yoon Suk-yeol earlier this month, with Yoon’s election campaign centered on the deregulation of South Korea’s crypto industry as well as the setting up initiatives to make the country a future home of “unicorn” blockchain technology.