- LG Electronics adds cryptocurrency and blockchain technology as new business areas within its corporate structure.
- The announcement is part of the tech giant’s rapid drive focused on NFT adoption and integration.
- This is one of several crypto-related announcements made by the tech manufacturer this year.
LG Electronics, the South Korean tech giant, has officially added cryptocurrency and blockchain technology as new business areas within its corporate structure.
According to a local news report, LG has added two distinct crypto-related objectives during its recent annual general meeting on Thursday. In specific, the objectives mentioned “the development and selling of blockchain-based software” and “the sale and brokerage of cryptocurrency.” That said, many have concluded that LG would establish some form of cryptocurrency exchange.
In a recent interview, an LG spokesperson put any speculation to rest when asked if the company intends on starting its own exchange by stating, “Nothing has been decided yet. We just mentioned business areas in a broad manner.”
The tech manufacturer has been on a rapid drive focused on NFT adoption and integration. Not only that, but it also announced earlier this month that it was working with a blockchain tech company, Kakao, to introduce a new line of smart television sets that are fully NFT-capable. Additionally, LG collaborated with an online art auctioneer to carry out further projects related to NFT artworks.
All of LG’s announcements follow the ongoing adoption of cryptocurrency and blockchain technologies in South Korea. Fellow South Korean tech giant, Samsung (KS:005930), has launched its own store in the Decentraland metaverse, and also announced that it would be launching its own NFT platform for their smart TVs.
Adding to South Korea’s cryptocurrency adoption, the country elected a crypto-friendly president, Yoon Suk-yeol, earlier this month. Yoon’s election campaign was centered around deregulating South Korea’s cryptocurrency industry.
Yoon Suk-yeol also stated that he wants to establish numerous cryptocurrency initiatives that will make the country a future home for blockchain technology “unicorns”.