LG’s New Business Plans Include Blockchain and Crypto

South Korean electronics company LG Electronics added cryptocurrency and blockchain to its business portfolio.

LG’s Blockchain & Crypto Game Plans

LG Electronics shareholders approved two new business areas at the March 24th Annual General Meeting: “blockchain-based Software” development and “sale, brokerage and cryptocurrency.”

LG has already included cryptocurrency brokerage and sale in its business charter. However, the company doesn’t appear to be planning on opening a digital trading platform. Responding to a question about whether the company will open a digital trading platform, a spokesperson for LG said that “Nothing has yet been decided… We just discussed business areas in a broad way.”

According to local news reports, LG Electronics is working with Seoul Auction Blue and Blockchain company GroundX to bring Smart TVs with NFT capabilities. A version of this model was introduced last month.

LG has been forced to exit the smartphone and solar panel business in the last year. The firm remains the fourth-largest in South Korea. It had a turnover of $63.16 trillion and an operating profit in 2021 of $3.27Billion.

LG and Samsung Join Emerging Technologies

LG’s adoption of cryptocurrency and blockchain as new business areas is consistent with the trend of leading companies aligning their business development goals to emerging technologies.

Samsung, the largest South Korean company, announced recently that it will integrate an NFT Aggregation Platform in a new series Smart TVs it intends to launch later in the year. The feature will display NFT marketplace data about the TVs of users, which can be used to view and buy new digital collections.

South Korean companies like Samsung and LG Electronics have adopted blockchain-powered features and businesses as a result of a crypto-friendly environment that has been created following the recent victory of Yoon Seok-yeol in South Korea’s presidential election.

Yoon Suk-yeol pledged during his election campaign to allow ICOs and give tax relief for crypto income. In May, he will take office.

Growing Crypto Adoption Trends

Several leading companies have taken steps to take advantage of the NFT and cryptocurrency opportunities over the past few months. The New York Stock Exchange (NYSE), for example, filed a trademark application at the US Patent and Trademark Office last month in connection with digital exchange and NFT marketplace.

Apple has introduced similar features to its iPhones, which allow crypto payments using cards issued by merchant banks.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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