LG Electronics, headquartered in South Korea, has added blockchain and cryptocurrencies to its business portfolio.
LG’s Blockchain and Crypto Game Plans
At the annual general meeting on March 24, LG Electronics shareholders approved “blockchain-based software” development and “cryptocurrency sales and brokerage” as two new business areas.
Although LG has included cryptocurrency sales and brokerage in its business charter, it does not appear to be opening a digital exchange just yet. Responding to a question whether the company plans to open a trading platform for digital assets, the company spokesperson said, “Nothing has been finalized yet… We have mentioned the business segments broadly. has done.”
However, according to local news reports, LG Electronics is working with blockchain company GroundX and NFT solutions provider Seoul Auction Blue to offer smart TVs with NFT features, a version of which was introduced last month.
LG has gone out of the smartphone and solar panel business in the past year, which has proved unprofitable. However, the firm is the fourth largest company in South Korea. It reported annual turnover of $63.16 billion and operating profit of $3.27 billion in 2021.
LG, Samsung align with emerging technologies
LG’s adoption of blockchain and cryptocurrencies as new business areas is in line with a growing trend of top companies aligning their business development goals with emerging technologies.
Samsung, the largest South Korean company, recently announced that it will integrate the NFT aggregation platform into a new range of smart TVs it plans to launch later this year. The feature will offer NFT Marketplace data on users’ TV sets, which can be used to view their digital collections as well as buy new ones.
The adoption of blockchain-powered businesses and facilities by South Korean companies such as Samsung and LG Electronics comes on the back of an overall crypto-friendly environment in the country following the victory of Eun Suk-yol in the recently concluded presidential election.
During his election campaign, Yoon Suk-yol promised to allow ICOs and provide tax relief on crypto earnings. He will take over in May this year.
Part of the Growing Crypto Adoption Trend
Over the past few months, several major companies have taken initiatives to shore up the opportunities offered by cryptocurrency and NFTs. For example, the New York Stock Exchange (NYSE) last month filed a trademark application with the US Patent and Trademark Office for the digital exchange and NFT Marketplace.
Similarly, Apple introduced features in its iPhones that allow crypto payments through cards provided by merchant banks.
Featured image courtesy of Eurovent
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