South Korea-headquartered LG Electronics has added blockchain and cryptocurrency to its enterprise portfolio.
LG’s Blockchain and Crypto Recreation Plans
On the Annual Normal Assembly on March 24, LG Electronics’ shareholders permitted “blockchain-based software program” improvement and “sale and brokerage of cryptocurrency” as two new enterprise areas.
Though LG has included the sale and brokerage of cryptocurrency in its enterprise constitution, it doesn’t appear to be opening a digital change simply but. Replying to a query if the corporate plans to open a buying and selling platform for digital property, an organization spokesperson mentioned, “Nothing has been determined but… We simply talked about enterprise areas in a broad method.”
Nonetheless, LG Electronics has been working with the blockchain firm GroundX and NFT resolution supplier Seoul Public sale Blue to introduce Good TVs with NFT options, a model of which was launched final month, in response to an area information report.
Previously yr, LG has exited from smartphone and photo voltaic panel companies proving to be unprofitable. Nonetheless, the agency is the fourth largest firm in South Korea. It recorded an annual turnover of $63.16 billion and an working revenue of $3.27 billion in 2021.
LG, Samsung Align With Rising Applied sciences
The adoption of blockchain and cryptocurrency as new enterprise areas by LG is in step with the rising development of high corporations aligning their enterprise improvement targets with rising applied sciences.
Samsung, the most important among the many South Korean corporations, not too long ago introduced that it will combine an NFT Aggregation Platform into a brand new sequence of Good TVs it plans to introduce later this yr. This characteristic will current NFT market information on the customers’ TV units, which may also be used to view their digital collections in addition to purchase new ones.
The adoption of blockchain-powered companies and options by South Korean corporations reminiscent of Samsung and LG Electronics comes on the again of an general crypto-friendly atmosphere within the nation after the victory of Yoon Suk-yeol within the recently-concluded presidential election.
Throughout his election marketing campaign, Yoon Suk-yeol promised to permit ICO and supply tax aid on crypto earnings. He’ll assume workplace in Might this yr.
A part of Rising Crypto Adoption Tendencies
In the previous few months, a number of main corporations have taken initiatives protecting in thoughts the alternatives that cryptocurrency and NFT supply. For instance, the New York Inventory Change (NYSE) filed a trademark software with US Patent and Trademark Workplace for digital change and NFT market final month.
In an analogous vein, Apple launched options in its iPhones that permit crypto funds via playing cards supplied by service provider banks.
Featured Picture Courtesy of Eurovent
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