LG Electronics Is Expanding Its Operations Into Blockchain And Cryptocurrency

LG Electronics, a South Korean IT powerhouse, has incorporated blockchain and cryptocurrency to its corporate charter as new business areas.

LG added two unique crypto-related objectives during its annual general meeting on Thursday, March 24, according to a local South Korean news report. The goals include “the creation and distribution of blockchain-based technologies” as well as “the sale and brokerage of cryptocurrencies,” leading to speculation that LG might launch a crypto exchange.

When asked about LG Electronics plans to launch its own exchange or platform, a spokeswoman for the business dampened any speculation by saying, “There hasn’t been any decision made yet. We basically gave a broad overview of business topics.”

When Bithumb CEO Heo Baek-young revealed that the exchange was collaborating with “a significant enterprise” to build an NFT marketplace earlier this year, rumors about LG creating a crypto-related marketplace began to circulate.

The IT giant has been on a roll with NFT adoption and integration, saying earlier this month that it was collaborating with blockchain startup Kakao’s Ground X to launch a line of fully NFT-capable smart TVs. LG also announced a collaboration with Seoul Auction Blue, an online art auctioneer, to cooperate on more NFT-based art projects.

LG Electronics pronouncements come as other IT heavyweights

As well as the rest of South Korea, continue to embrace cryptocurrencies and blockchain-related technology. Samsung, another South Korean electronics titan, stated earlier this year that it would develop an NFT platform for its smart TVs as well as its own store in the Decentraland metaverse.

Most notably, the country recently elected crypto-friendly President Yoon Suk-yeol, with Yoon’s election campaign concentrating on deregulating South Korea’s crypto economy and developing measures to make the country a future home for blockchain technology “unicorns.”

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