Wednesday, October 5, 2022

LG Unveils Plans to Add Crypto as New Business Unit

In an Annual General Meeting that was held recently, the South Korean-based world-renowned electronics manufacturer, LG has announced it has added crypto to the reins of its new business areas. According to Korea Joongang Daily, a local news reporting outlet, LG Electronics will also be expanding its horizons into the medical technology industry.

There have been rumors circulating since last year that LG Electronics was dashing into crypto. The conglomerate’s IT subsidiary collaborated with a blockchain tech company to develop its own Non-Fungible Token (NFT) market place which is expected to launch before the end of the year. This report has proven the current speculations to be true.

Added to featuring NFT collections on the company’s visual electronics, LG’s objectives as to the crypto involvement will ensure that blockchain-based software will be developed and sold, while “the sale and brokerage of cryptocurrency” will also be facilitated.

When asked if the world-renowned home appliances manufacturer will establish a crypto exchange, a spokesperson for the company responded in unclear terms and said no decision about that has been made yet, adding that the company just mentioned business areas in a broad manner.”

According to the report, the multi-billion dollars conglomerate is yet to decide on a crypto exchange because of the irregularities of government policies and regulations on virtual assets. They rather just manufacture technologies that will project and appreciate the beauty of digital arts which poses fewer macro-environmental threats to the business.

The South Korean crypto market has witnessed diverse tech giants being major drivers of blockchain technology in the country. Besides LG’s prominent debut into the crypto ecosystem, its core competitor, Samsung is known to have been facilitating the adoption of digital assets and virtual art collections ever since.

The newly elected president of South Korea, Yoon Suk-yeol is even believed to have won the polls owing to his promises of eregulating cryptocurrency, reducing tax burdens on crypto assets, and facilitating the adoption of NFTs while he was contesting for the presidency. 

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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