South Korean tech giant LG Electronics has officially added blockchain and cryptocurrency as new business areas in its corporate charter.
According to a local Korean news report, LG added two distinct crypto-related goals during its annual general meeting on Thursday. The goals included “developing and selling blockchain-based software” and “selling and brokerage of cryptocurrencies,” leading to speculation whether LG will establish some form of crypto exchange.
When asked about the company’s intentions to start its own exchange or platform, an LG spokesperson quashed any speculation, saying: “Nothing has been decided yet. We only cover business areas broadly.”
Rumors of LG Electronics creating a crypto-related marketplace surfaced earlier this year when Bithumb CEO Heo Baek-young confirmed that the exchange was working with “a company.” big” to develop the NFT market.
The tech maker has already begun adopting and integrating NFT, announcing earlier this month that it is working with blockchain technology company Kakao’s Ground X to introduce a line of fully NFT-capable smart TVs. LG Electronics also announced a partnership with Seoul Auction Blue, an online art auction house, to carry out further projects involving NFT-based artworks.
LG’s announcement comes as South Korean tech giants continue to adopt cryptocurrency and blockchain-related technology. Earlier this year, South Korean tech giant Samsung announced that it would be launching its NFT platform for its smart TVs, as well as launching its own store in the metaverse world, Decentraland.
Most notably, the country elected crypto-friendly President Yoon Suk-yeol earlier this month, with Yoon’s election campaign focused on deregulation of the Korean crypto industry. as well as establishing initiatives to make the country the future home of blockchain technology “unicorns”.