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LG Electronics Inc. has announced adding crypto assets and blockchain technology among new areas in its corporate charter at its Annual General Meeting (AGM) held on Thursday, March 24. With the crypto and blockchain business areas, the company aims to start brokerage and trading of crypto-assets, and blockchain-based software development and sales.
LG Electronics Enters Crypto and Blockchain Market
South Korean conglomerate LG Electronics has added three business areas including cryptocurrency, blockchain, and medical devices in its corporate charter, reports Korea Economic Daily on March 24. The stakeholders have voted to approve the new business goals during the 2022 AGM.
When asked about whether the company is considering establishing a cryptocurrency exchange, the company’s spokesperson said:
“Nothing has been decided yet. We just mentioned business areas in a broad manner.”
Moreover, LG Electronics has recently expressed interest in the NFTs, following Samsung into the new space. In February, the company partnered with Kakao Corp.’s blockchain platform GroundX to introduce an immersive NFT experience on its smart television models.
LG will be able to install NFT platforms enabling trading of NFT artworks on LG smart televisions. Furthermore, the company also introduced the Drops Gallery, a digital art appreciation app for its smart TVs, to allow people to enjoy NFT artworks and cloud game services.
The Evolving Crypto Market in South Korea
South Korean conglomerates including Samsung, LG, and SK Group are expanding massively in the cryptocurrency and blockchain markets. From introducing crypto, NFT, and blockchain features on their flagship products to contributing developments in these innovative technologies, Samsung and LG are building their presence in the market.
SK Group is also a major player in the crypto market through its investment company SK Square. Recently, the company bought a 35% stake in South Korea’s crypto exchange Korbit. And today it has announced a plan to launch its own cryptocurrency.
South Korean President-elect Yoon Suk-yeol has promised crypto deregulation, reducing the tax burden, and NFT push. Thus, under the new crypto-friendly South Korean President, crypto adoption will flourish in South Korea.
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