Skip to main content

Samsung plans to launch its own crypto exchange in 2023

 


Samsung Securities, the tech giant's investment firm, is considering launching its own cryptocurrency exchange next year.


According to local South Korean media, Samsung is not the only major company in the country planning to make new moves into the crypto world. Six other major public companies, including Mirae Asset Securities , also have plans for their own crypto exchanges in 2023 .


These companies all deal in securities directly. And now they are reportedly working with South Korean financial authorities to obtain licenses for exchanges . According to the available information, the talks are already in the final phase.


Samsung and the crypto world

Considered to be one of the biggest companies in the tech space, Samsung is planning to launch its own crypto exchange through Samsung Securities . This is another example of how this giant corporation is adapting to the new industry.


As early as 2021, Samsung launched several initiatives in this area. The South Korean giant has not only developed a wallet function for its Galaxy series smartphones, but also a TV that supports NFTs and the Cardano blockchain.


Local media claim the planned exchange would focus on security tokens . Last year, Samsung tried to launch a trading platform for these assets. At the time, however, the company was unable to proceed with the project due to a lack of specialized professionals.


South Korea's new crypto course

South Korea has historically closely monitored the crypto world. Last year, local regulators banned more than 60 platforms from trading cryptocurrencies . Affected companies were forced to register and comply with the rules of the FIU, the largest local financial regulator. Otherwise they would not have been able to resume their activities.


Dozens of exchanges failed to comply with the set parameters and closed their doors over the past year. However, the four largest South Korean crypto exchanges — Upbit, Bithumb, Coinone, and Korbit — got their licenses.

After the collapse of the Terra ecosystem, the government continued to tighten its oversight of the stock exchanges . Not to forget that Do Kwon, founder of Terraform Labs, was born in South Korea and is under investigation locally.


However, the Asian country has become more open to the crypto industry following the inauguration of its new president, Yoon Suk-Yeol, in May . The politician is a crypto enthusiast and promises to raise the limit on tax-free profits from investing in digital assets.


The ability for large local companies to launch their own exchanges could be a big step forward for South Korea. The state could emerge as a cryptocurrency hub in the Asian continent.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin
Post a Comment
Read more

MSP Recovery and Tokenology aim to optimize healthcare with the help of Polygon

  MSP Recovery LLC, a Miami, US-based healthcare provider with an estimated enterprise value of $32.6 billion, is partnering with Web3 company Tokenology to jointly launch a new blockchain platform called Lifechain. Lifechain wants to leverage the verifiable and transparent nature of blockchain technology to aggregate medical care claims, medical expense reports and patient data and streamline their processing. For this purpose, MSP Recovery launched its own LifeWallet in January, which already has 1 million users. In addition to the wallet and blockchain platform, an associated crypto token called LifeCoin is also used. The press release explains that the primary purpose of the system is to enable secondary healthcare providers to more effectively bill health insurance companies for their costs. “The number of medical claims tokenized going forward will surpass $50 million per day by 2024. For this we need scalability, security and sustainability, which we have only found with Polygon
Post a Comment
Read more

Phishing attack on popular crypto sites tries to empty wallets

  Several major crypto sites such as Etherscan, CoinGecko, DeFi Pulse, and others report malicious pop-ups scammers use to try to trick users into connecting their MetaMask wallets. The phishing attack came from a domain displaying the Bored Ape Yacht Club (BAYC) logo. "We are investigating the root cause of this attack to fix the threat as soon as possible," CoinGecko founder Bobby Ong tweeted. The phishing attack appears to have been triggered by a malicious ad script from Coinzilla, a crypto ad network, according to CoinGecko. Etherscan also advises its users not to confirm any transactions that may appear on the website. The attackers attempted to use the hype around the “bored monkeys” non-fungible tokens (NFT) to gain access to the cryptocurrencies of unsuspecting website visitors. Although the websites affected by the scam attempt have reacted in the last few hours and deactivated the advertising pop-up, it is still recommended not to connect your MetaMask wallet to ne
Post a Comment
Read more