South Korean tech giant LG Electronics has plans to expand its business into the cryptocurrency and blockchain space. The Company has added digital assets and blockchain into its corporate charters as new areas of Business.
In the annual general meeting on Thursday, LG decided to add two crypto-related goals to their charter. These include “the development and selling of blockchain-based software” and “the sale and brokerage of cryptocurrency”.
LG might establish its own crypto exchange. However, the spokesperson tempered speculations and said “Nothing has been decided yet. We just mentioned business areas in a broad manner.”
LG has been toying with the idea of NFT integration for some time now. Earlier this month, the company announced working with the blockchain tech giant Kakao’s Ground X to bring about a line NFT capable Smart TVs. Moreover, LG partnered with an online art auctioneer, Seoul Auction Blue, to carry out projects related to NFTs.
South Korean tech giants are entering the blockchain and crypto space as the appeal of digital assets increases among the masses. Samsung announced earlier this year, the plans to launch an NFT platform for its smart TVs. Additionally, the company will also be launching its own store on Decentraland.
South Korea is supporting the blockchain ecosystem with a crypto-friendly President, Yoon Suk-yeol, at the helm of affairs. Mr. Yoon kept the deregulation of the crypto industry at the center of his election campaign agenda.