Business

LG Electronics adds blockchain and crypto as new business areas

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South Korean tech giant LG Electronics has officially added blockchain and cryptocurrency as new business areas to its corporate charter.

According to a local South Korean news item reportLG added two distinct crypto-related goals during its annual general meeting on Thursday, March 24 that would establish some form of crypto exchange.

When asked about the company’s intention to launch its own exchange or platform, an LG spokesman dampened all speculation, stating: “Nothing is decided yet.

rumours create regarding LG A crypto-related marketplace emerged earlier this year when Bithumb CEO Heo Baek-young confirmed that the exchange is working with “a big company” to develop an NFT marketplace.

The tech maker has been on a warpath of NFT adoption and integration, and announced earlier this month that it is partnering with a blockchain tech company Kakao’s Ground X to introduce a range of Smart TVs that are fully NFT-enabled. LG also announced a partnership with Seoul Auction Blue, an online art auction house, to undertake more projects related to NFT-based artworks.

Related: South Korea’s leading blockchain faces increased competition in the NFT market

LG’s announcements come as other tech giants, and more broadly South Korea, continue to adopt cryptocurrencies and blockchain-related technologies. Earlier this year, South Korean tech giant Samsung announced it would Introduction of an NFT platform for its smart TVs as well starting your own shop in the Decentraland Metaverse.

Especially the country elected crypto-friendly president Yoon Suk-yeol earlier this month, with Yoon’s campaign focused on deregulating South Korea’s crypto industry as well as setting up initiatives to make the country a future home of blockchain technology “unicorns.”