South Korean technology giant LG Electronics has officially added blockchain and cryptocurrency as new business areas to the company’s charter.
According to a local South Korean news report, LG set two different crypto-related goals at its annual general meeting on Thursday. The goals include “developing and selling blockchain-based software” and “selling and brokering cryptocurrencies,” which indicates whether LG will establish a form of cryptocurrency exchange.
Asked about the company’s intention to launch its own trading platform or platform, a spokesman for LG moderated all speculation, saying: “Nothing has been decided yet. We just mentioned the business lines in general terms.”
Rumors that LG created a crypto-related market emerged earlier this year when Bithumb CEO Ho Baek-young confirmed that the exchange was working with a “large company” to create a non-fungal token market (NFT).
The technology maker is on track to deploy and integrate NFT, and announced earlier this month that it is partnering with technology company Kakao’s Ground X to offer a range of fully NFT-enabled smart TVs. LG also announced a partnership with online auction company Seoul Auction Blue to pursue several NFT-based art projects.
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LG’s announcements come as other technology giants and South Korea, more generally, continue to embrace cryptocurrency and blockchain-related technologies. Earlier this year, the South Korean technology giant Samsung announced that they will launch their NFT platform for their smart TVs, as well as open their own store in Decentraland metaverse.
Especially earlier this month, the country elected the crypto-friendly president Yoon Suk-yeol, with Yoon’s campaign focused on liberalizing South Korea’s crypto industry as well as developing initiatives to make the country the future home of blockchain technology. “unicorns”.