Sign Up on MEXCJust-In: LG Electronics Adds Crypto Assets And Blockchain In Its Corporate Charter
LG Electronics Inc. has announced adding crypto assets and blockchain technology among new areas in its corporate charter at its Annual General Meeting (AGM) held on Thursday, March 24. With the crypto and blockchain business areas, the company aims to start brokerage and trading of crypto-assets, and blockchain-based software development and sales.
LG Electronics Enters Crypto and Blockchain Market
South Korean conglomerate LG Electronics has added three business areas including cryptocurrency, blockchain, and medical devices in its corporate charter, reports Korea Economic Daily on March 24. The stakeholders have voted to approve the new business goals during the 2022 AGM.
When asked about whether the company is considering establishing a cryptocurrency exchange, the company’s spokesperson said:
“Nothing has been decided yet. We just mentioned business areas in a broad manner.”
Moreover, LG Electronics has recently expressed interest in the NFTs, following Samsung into the new space. In February, the company partnered with Kakao Corp.’s blockchain platform GroundX to introduce an immersive NFT experience on its smart television models.
LG will be able to install NFT platforms enabling trading of NFT artworks on LG smart televisions. Furthermore, the company also introduced the Drops Gallery, a digital art appreciation app for its smart TVs, to allow people to enjoy NFT artworks and cloud game services.
The Evolving Crypto Market in South Korea
South Korean conglomerates including Samsung, LG, and SK Group are expanding massively in the cryptocurrency and blockchain markets. From introducing crypto, NFT, and blockchain features on their flagship products to contributing developments in these innovative technologies, Samsung and LG are building their presence in the market.
SK Group is also a major player in the crypto market through its investment company SK Square. Recently, the company bought a 35% stake in South Korea’s crypto exchange Korbit. And today it has announced a plan to launch its own cryptocurrency.
South Korean President-elect Yoon Suk-yeol has promised crypto deregulation, reducing the tax burden, and NFT push. Thus, under the new crypto-friendly South Korean President, crypto adoption will flourish in South Korea.
- Cathie Wood’s Ark Invest Backs Nasdaq-Listed Solmate To Launch $300M Solana Treasury
- First U.S. Spot Dogecoin and XRP ETFs Launch as REX-Osprey Debuts DOJE and XRPR
- Analyst Calls $6 XRP Target for November Amid Ripple CEO’s White House Stockpile Hint
- Ethereum Faces Selloff Risks As Whales’ Unrealized Profit Hits 2021 Highs
- Expert Predicts 138% Shiba Inu Rally as SHIB Futures Listing Opens Spot ETF Path
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
