LG Electronics adds blockchain and crypto as new areas of business

South Korean tech big LG Electronics has formally added blockchain and cryptocurrency as new enterprise areas in its company constitution. 

Based on an area South Korean information report, LG added two distinct crypto-related goals throughout its annual normal assembly on Thursday, March 24. The goals embody “the event and promoting of blockchain-based software program” and “the sale and brokerage of cryptocurrency,” which led to conjecture whether or not LG would set up some type of crypto alternate.

When requested in regards to the firm’s intention to start out its personal alternate or platform, an LG spokesperson tempered any hypothesis, stating, “Nothing has been determined but. We simply talked about enterprise areas in a broad method.”

Rumors concerning LG creating a crypto-related market emerged earlier this 12 months when Bithumb CEO Heo Baek-young confirmed that the alternate was working with “a big firm” to develop an NFT market.

The tech producer has been on a warpath of NFT adoption and integration, asserting earlier this month that it was working with blockchain tech firm Kakao’s Ground X to introduce a line of good TVs which are totally NFT-capable. LG additionally introduced a partnership with Seoul Public sale Blue, a web-based artwork auctioneer to hold out additional tasks associated to NFT-based artworks.

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

LG’s bulletins come as fellow tech giants and South Korea, extra broadly, proceed to undertake cryptocurrencies and blockchain-related tech. Earlier this 12 months, fellow South Korean tech big Samsung, introduced that it will be launching an NFT platform for its good TVs in addition to launching its own store within the Decentraland metaverse.

Most notably, the nation elected crypto-friendly President Yoon Suk-yeol earlier this month, with Yoon’s election marketing campaign being centered round deregulating South Korea’s crypto trade in addition to establishing initiatives to make the nation a future residence of blockchain know-how “unicorns.”