TL; DR Breakdown
- LG wants to focus on crypto and blockchain
- The company has plans to float its NFT marketplace
- South Korea continues to support crypto growth
South Korea-based technology outfit LG Electronics has announced the addition of a new area of concentration to its business. As per the announcement, the tech company wants to explore a foray into the crypto sector with crypto and blockchain in its view. As per a report by Reuters, this was discussed at the last general meeting the company had on Thursday. The company wants to kickstart a sale of softwares that will be blockchain-based.
LG plans to float its NFT marketplace
Asides from that, the company will explore the possibility of taking custody and selling digital assets. The above news has got tongues wagging, with most people believing that the company could float a crypto exchange of its own in the coming months. However, the company’s spokesperson has cooled the rumors when asked about that possibility.
According to the spokesperson, the company just named that business area and has not yet gone into specifics on how to achieve them. At the start of the year, there were speculations concerning LG floating its NFT marketplace after an announcement by Heo Baek-Young, CEO of Bithumb. According to the Bithumb boss, there were in talks with a big tech company to create a unique marketplace at the period.
South Korea continues to support crypto growth
LG has been exploring the world of NFT after a previous announcement said it would integrate some of its smart TVs with NFT functions. In order to actualize that dream, it would enter a partnership with Kakao’s Ground X, a company that is focused on Blockchain technology.
It is also in talks of a partnership with a Seoul-based company focused on digital art auctions. This latest announcement is coming off the back of movements by other tech companies across the Asian country to embrace crypto, blockchain, and the crypto industry. At the start of the year, Samsung was the first company out of the region to announce an integration of NFT features into its smart TVs.
Some months after, it also launched a store in the Metaverse. South Korea is in line to enjoy all the benefits of the crypto market after voting in crypto-savvy Yoon Suk-Yeol as its president. Sim-Yeols manifesto was centered around creating a favorable market for the country’s crypto sector by creating specific regulations.