LG Electronics adds blockchain and crypto as new areas of business

South Korean tech elephantine LG Electronics has officially added blockchain and cryptocurrency arsenic caller concern areas successful its firm charter. 

According to a section South Korean quality report, LG added 2 chiseled crypto-related objectives during its yearly wide gathering connected Thursday, March 24. The objectives see “the improvement and selling of blockchain-based software” and “the merchantability and brokerage of cryptocurrency,” which led to conjecture whether LG would found immoderate signifier of crypto exchange.

When asked astir the company’s volition to commencement its ain speech oregon platform, an LG spokesperson tempered immoderate speculation, stating, "Nothing has been decided yet. We conscionable mentioned concern areas successful a wide manner."

Rumors concerning LG creating a crypto-related marketplace emerged earlier this twelvemonth erstwhile Bithumb CEO Heo Baek-young confirmed that the speech was moving with “a ample company” to make an NFT marketplace.

The tech shaper has been connected a warpath of NFT adoption and integration, announcing earlier this period that it was moving with blockchain tech institution Kakao’s Ground X to present a enactment of astute TVs that are afloat NFT-capable. LG besides announced a concern with Seoul Auction Blue, an online creation auctioneer to transportation retired further projects related to NFT-based artworks.

Related: South Korea’s starring blockchain facing greater contention successful NFT market

LG’s announcements travel arsenic chap tech giants and South Korea, much broadly, proceed to follow cryptocurrencies and blockchain-related tech. Earlier this year, chap South Korean tech elephantine Samsung, announced that it would beryllium launching an NFT platform for its astute TVs arsenic good arsenic launching its ain store successful the Decentraland metaverse.

Most notably, the state elected crypto-friendly President Yoon Suk-yeol earlier this month, with Yoon’s predetermination run being centered astir deregulating South Korea’s crypto manufacture arsenic good arsenic establishing initiatives to marque the state a aboriginal location of blockchain exertion “unicorns.”