LG Electronics adds blockchain and cryptocurrency as new business areas

South Korean tech giant LG Electronics has officially added blockchain and cryptocurrencies as new business areas to its articles of association.

According to local news reports in South Korea, LG added two cryptocurrency-related targets at its annual general meeting on Thursday, March 24, including "development and sales of blockchain-based software" and "sales of cryptocurrencies." and brokerage," sparking speculation about whether LG will build some form of cryptocurrency exchange.

Asked whether the company was planning to build its own exchange or platform, an LG spokesperson quelled any speculation, saying: "No decision has been made. We have only mentioned business areas in general terms."

Rumors that LG would create a cryptocurrency-related marketplace emerged earlier this year when Bithumb CEO Heo Baek-young confirmed that the exchange was working with “a major company” to develop an NFT marketplace.

The tech maker has been working hard to adopt and integrate NFTs, announcing earlier this month that it is partnering with blockchain tech firm Kakao’s Ground X to launch a line of smart TVs that fully support NFTs. LG also said it will work with Seoul Auction Blue, an online art auction company, to further develop projects related to NFT-based artwork.

LG’s announcement comes as other tech giants and South Korea more broadly continue to adopt cryptocurrency and blockchain-related technologies. Earlier this year, South Korean tech giant Samsung announced that it would launch an NFT platform for its smart TVs and launch its own store in the Decentraland metaverse.

Most notably, the election earlier this month of South Korea's crypto-friendly president Yoon Suk-yeol, who campaigned to deregulate the country's cryptocurrency industry and enact plans to make the country a regional Centered on the actions of the future base camp of the "Unicorn" of block chain technology.

Cointelegraph Chinese is a blockchain news information platform, and the information provided only represents the author's personal opinion, has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise risk awareness.