South Korean LG Electronics has revised its business goals. The tech giant wants to bet fully on crypto and blockchain software.
Recently, the annual general meeting of shareholders of LG Electronics was held and the crypto and blockchain objectives were discussed during this meeting. This is stated in a news article by Korean JoongAng Daily† These new business goals include the development and sale of blockchain software as well as the sale and brokerage of cryptocurrencies. The latter led some to suspect that LG is even developing its own crypto exchange. When asked about this, a spokesperson for LG somewhat contradicted the speculation. Nothing has been decided yet and LG is approaching the new step in a broad way, it sounded like.
Developing a crypto exchange can also be quite difficult due to all kinds of regulations and other obstacles. Developing and selling products that NFTs (non-fungible tokens† support is a lot less difficult. The latter is also something LG has invested in.
Crypto and Electronics Companies
Crypto, blockchain and electronics companies is a combination that has come up more often lately. LG is not even the first tech giant from South Korea to take such a step. Competitor Samsung has also recently shifted its focus to crypto. Samsung announced last month that, among other things, a crypto wallet would be added to the new Galaxy S22 models.
a month before the electronics company also announced that it will release smart TVs with its own NFT platform. So Samsung makes it possible to buy NFTs through your smart TV. Moreover, around that time Samsung also took a first step in the metaverse. The company developed a virtual store on a virtual piece of land on Decentraland (MANA). The MANA price shot up as much as 19% in the first hour after the announcement.
