Another tech giant just took the plunge. LG Electronics has added cryptocurrencies and blockchain to its list of business areas.
Development through cryptocurrencies and blockchain
For some time, South Korean giant LG Electronics has been considering expansion into new areas beyond home appliances. Now, it’s a done deal. LG Electronics has updated its business development goals to include cryptocurrencies and blockchain-based software.
A local South Korean media outlet reported that LG just added two separate crypto-related goals at its annual general meeting on March 24. These are “development and sale of blockchain-based software” and “sale and brokerage of cryptocurrencies.”
After LG’s recent announcement, one wonders if the firm is considering a cryptocurrency exchange. The company, through its spokesperson, told local media that “nothing has been decided yet” regarding the creation of a cryptocurrency marketplace. Reports indicate that the company has limited itself to mentioning the business areas it wants to develop.
Last month, LG partnered with a blockchain company called Kakao’s Ground X to launch NFT-enabled smart TV models. LG also announced a partnership with Seoul Auction Blue, an NFT-focused company, to carry out projects related to artworks based on the technology.
South Korea’s market is growing
South Korea is a well-known hub of crypto trading activity. A recent survey revealed that approximately 3.8 percent of the South Korean population owns cryptocurrencies. In addition, the South Korean crypto industry recorded a net profit of $2.7 billion last year.
The crypto market offers good prospects for business growth. Indeed, the country is experiencing a rise in demand for cryptocurrencies. Earlier this year, LG’s competitor Samsung announced the launch of an NFT platform for its smart TVs and store in the Decentraland metaverse.
In South Korea, legacy blockchain platforms like Klaytn are seeing their dominant position in the domestic market erode. Competitors like Polygon are conquering the NFT market. Earlier this year, LG’s creation of a cryptocurrency exchange was widely rumored. Bithumb CEO Heo Baek -young confirmed that the exchange was working with a major company to develop an NFT market platform.
Many companies are starting to take an interest in cryptocurrencies and blockchain. LG Eletronics’ decision to get involved in cryptocurrencies is a sign that investors are starting to see it as a vibrant market.
