LG Electronics adds blockchain and crypto as new areas of business

Published at: March 25, 2022

South Korean tech giant LG Electronics has officially added blockchain and cryptocurrency as new business areas in its corporate charter. 

According to a local South Korean news report, LG added two distinct crypto-related objectives during its annual general meeting on Thursday, March 24. The objectives include “the development and selling of blockchain-based software” and “the sale and brokerage of cryptocurrency,” which led to conjecture whether LG would establish some form of crypto exchange.

When asked about the company’s intention to start its own exchange or platform, an LG spokesperson tempered any speculation, stating, "Nothing has been decided yet. We just mentioned business areas in a broad manner."

Rumors concerning LG creating a crypto-related marketplace emerged earlier this year when Bithumb CEO Heo Baek-young confirmed that the exchange was working with “a large company” to develop an NFT marketplace.

The tech manufacturer has been on a warpath of NFT adoption and integration, announcing earlier this month that it was working with blockchain tech company Kakao’s Ground X to introduce a line of smart TVs that are fully NFT-capable. LG also announced a partnership with Seoul Auction Blue, an online art auctioneer to carry out further projects related to NFT-based artworks.

Related: South Korea’s leading blockchain facing greater competition in NFT market

LG’s announcements come as fellow tech giants and South Korea, more broadly, continue to adopt cryptocurrencies and blockchain-related tech. Earlier this year, fellow South Korean tech giant Samsung, announced that it would be launching an NFT platform for its smart TVs as well as launching its own store in the Decentraland metaverse.

Most notably, the country elected crypto-friendly President Yoon Suk-yeol earlier this month, with Yoon’s election campaign being centered around deregulating South Korea’s crypto industry as well as establishing initiatives to make the country a future home of blockchain technology “unicorns.”

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