LG Electronics has diversified its business units to include cryptocurrency and blockchain-based software, the South Korean tech giant announced in a recent update.
According to a local report, the electronic giant added two distinct crypto-related objectives during its annual general meeting on Thursday, March 24. Investors King gathered that the objectives include “the development and selling of blockchain-based software” and “the sale and brokerage of cryptocurrency.” This update now begs the question of how the company will go about establishing these technologies and on what platform?
Experts, however, have projected that the company may set up its own crypto exchange platform.
However, an unidentified spokesperson of the company disclosed that the plans have only been mentioned as prospective business ideas with no final conclusion as to what direction the company is taking to finalise and actualise the plans.
Investors King recall that the rumours about LG diversifying into blockchain had started earlier in the year when Bithumb CEO Heo Baek-young confirmed that the exchange platform was working with “a large company” to develop an NFT marketplace. Following that announcement, a number of speculations were generated on the news that LG was the supposed ‘large company’.
LG’s announcement is also interestingly coming after fellow tech company, Samsung announced that it would be launching an NFT platform for its smart TVs as well as launching its own store in the virtual metaverse.
South Korea is notably on a rise in blockchain technology and this is owing to the fact that the current government is more inclined in the digitisation of the country’s economy. President Yoon Suk-yeol had earlier in the month (March) shown a strong commitment to deregulate the South Korean Crypto Industry which was one of the bases of Yoon’s election campaign.
This initiative has undoubtedly helped in establishing innovative ideas for South Korea which has made it possible for the country to establish a safe environment for blockchain technology. And for leading multinational electronic companies like LG and Samsung to ride on this conducive environment to create blockchain solutions, it gives room for more companies to leverage the Asian country in establishing their businesses with blockchain solutions.
