LG Electronics enters crypto market
On Thursday, during its Annual General Meeting (AGM), Electronics giant LG Electronics revealed that it has added digital assets to its aims and values. It aims to start crypto assets brokerage and trading along with the development of blockchain-based softwares.As per a report by Korea Economic Daily, after stakeholders voted to approve the new business goals for 2022, the company has added three business areas in its corporate charter: Cryptocurrency, Blockchain, and Medical devices. While answering if the company is opening a crypto exchange, the company’s spokesperson stated:
“Nothing has been decided yet. We just mentioned business areas in a broad manner.”Following rival company Samsung’s entry into the digital asset space, LG Electronics has displayed interests in the NFTs. The company teamed up with blockchain platform GroundX to integrate the NFT experience on its smart TV models. It also introduced a digital art appreciation application, Drops Gallery for its Smart TVs to allow customers to enjoy cloud game services and NFT artworks.
The Booming crypto industry in South Africa
Amid the on-boarding of the new Bitcoin-friendly president who promised crypto deregulation, tax reduction, and NFT push, South Korea sees a massive expansion in crypto and Blockchain markets. Several big names including Samsung and LG are diving deep into the digital asset world to mark their presence in the industry.Through its investment firm SK Square, the SK Group is also a key player in the crypto market. The corporation recently revealed its intention to establish its own cryptocurrency after acquiring a 35% interest in the South Korean crypto exchange Korbit.
In January, the Bank of Korea completed its first phase of the simulation project of a Central Bank Digital Currency or CBDC.
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