LG Electronics to Implement the Blockchain and Crypto Related Ventures
During the company's March 24th meeting, LG Executives indicated they were particularly interested in developing a "blockchain-based software" and getting more involved in the "sale and brokerage of cryptocurrencies".
When asked for more information about its crypto goals, LG remained tight-lipped. The electronics company's spokespeople merely stated that they were interested in examining the "broad" implications of blockchain technology.
Several analysts have claimed that LG is working on a cryptocurrency exchange or an NFT market in recent months. LG has teamed with a number of South Korean companies interested in NFTs, according to CoinTelegraph. LG, for example, collaborated with GroundX and Seoul Auction Blue to incorporate NFTs into a number of TV models.
There's also rumors that LG is collaborating with Bithumb, a South Korean cryptocurrency exchange. Bithumb CEO Heo Baek-young announced in January 2022 that he was working on an NFT market with another prominent company. Despite the fact that no one knows who Baek-young was referring to, most reporters believe he was referring to LG's CNS division.
LG's revelation is only one indication of the South Korea rising interest in cryptocurrency. Samsung made a major statement in Web3 not long ago when it debuted its 837X store in Decentraland, a metaverse. Samsung has expressed interest in incorporating NFT technology into their televisions on numerous occasions.
Many in the crypto world feel that President Yoon Suk-yeol, South Korea's new leader, would boost the country's crypto adoption. Suk-yeol regularly stated throughout his campaign for South Korea's highest office that he intended to remove several limitations on the country's expanding crypto sector.