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LG Electronics introduces blockchain and crypto as new business areas

 


The South Korean technology group LG Electronics has now officially declared blockchain and crypto to be two new business areas.


As the South Korean media reports , LG made two explicit targets regarding blockchain and crypto in the most recent annual general meeting on Thursday. These objectives are, on the one hand, "development and sale of blockchain-related software" and "sale and brokerage services for cryptocurrencies". These could possibly provide an indication that LG is planning its own trading platform behind the scenes.


In response to specific inquiries as to whether the electronics group is planning such a crypto exchange, an LG spokesman dampens hopes and states that "nothing has been decided so far", rather the formulation of these goals is more of a general character.


Rumors of a possible LG crypto marketplace emerged earlier this year after Bithumb CEO Heo Baek-young revealed that his exchange is working with “a large corporation” to create a joint marketplace for non-fungible tokens (NFTs ) to build.


In a way, LG's announcement can be seen as a challenge to other major South Korean corporations that are also pushing towards blockchain and cryptocurrencies. Samsung recently announced that it will soon be developing an NFT platform for the company's smart TVs.

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