The South Korean Tech conglomerate LG Electronics has now included blockchain technology and cryptocurrency as part of its new business development plan. According to the reports of a local South Korean News agency, the corporate tech giant has adjoined two different crypto-related categories in their annual general meeting conducted on Thursday. These new objectives are the brokerage and selling of cryptocurrency and the development and selling of blockchain-based software.
These new steps can lead to a question which is if LG is going to create a new crypto exchange platform, but according to an LG spokesperson, the business has only been discussed with the board members who were present in the meeting, but nothing particular has been decided yet about the new business prospect.
The rumors of LG being involved in the crypto space has been in the air from earlier this year since Heo Baek-young, the Chief Executive Officer of Bithumb, the crypto exchange platform, had confirmed that they are working together with a giant company to develop a marketplace for nonfungible tokens.
The technology manufacturer company has been trying to implement NFT integration and adoption, while they have announced their collaboration with blockchain technology company Kakao’s Ground X earlier this month that will help them to introduce a new set of smart TVs that will be totally NFT enabled. Moreover, LG has also announced their collaboration with an online art auction platform, Seoul Auction Blue, which will assist them in carrying out NFT related projects.
As South Korea has announced their wide adoption of cryptocurrencies and other digital assets in the country, the native tech giant of the country announced their arrival to the crypto space and blockchain technology. At the beginning of the year, Samsung, another tech giant of South Korea, had announced that they would be launching the NFT platform for their smart TVs, and simultaneously they will also launch their own store in the metaverse of Decentraland.
Recently the country had elected crypto-friendly President Yoon Suk-yeol at the beginning of March, and the campaign of Yoon Suk-yeol was based on deregulating the country and giving more space to the entire crypto industry of the country, making it of the future unicorns of the cryptocurrency and blockchain technology.