LG Announces Its Focus on Blockchain and Crypto

LG Electronics says it is adding blockchain and crypto-related ventures to its business model. At the March 24 meeting of the Seoul-based company, executives said they were primarily interested in developing “blockchain-based software” and getting more involved in the “selling and brokering of cryptocurrencies.”

When LG was pressed for more details about its crypto ambitions, LG did not share any details. Spokespersons for the electronics brand only said they were interested in exploring the “broad” implications of blockchain technology.

In recent months, some analysts have speculated that LG is working on a cryptocurrency exchange or an NFT market. As CoinTelegraph reported, LG is working with several South Korean companies involved in NFTs. For example, LG partnered with GroundX and Seoul Auction Blue to integrate NFTs into select TV models.

There is also speculation that LG is partnering with South Korean crypto exchange Bithumb. In January 2022, Bithumb’s CEO Heo Baek-young said he was developing an NFT market with another prominent company. While no one knows who Baek-young was talking about, most reporters think he was talking about LG’s LG CNS division.

South Korea positions itself as a web3 powerhouse

LG’s recent announcement is just one example of South Korea’s growing crypto adoption. Not long ago, Samsung made a big leap into Web3 when it unveiled its 837X store in the metaverse Decentraland. Samsung has repeatedly said it is interested in introducing NFT technology into its TVs.

The popular online platform Kakao also makes it easier for South Koreans to deal with NFTs and crypto. Kakao’s Klaytn blockchain allows users to securely store their crypto, mint NFTs with Kraafterspace, and connect to the NFT trading platform OpenSea. According to Kakao, South Koreans have minted at least 37,000 NFTs on OpenSea using its services.

LINE messaging app also helps South Koreans trade NFTs with its DOSI marketplace. The DOSI NFT market currently operates in approximately 180 countries and accepts credit cards or cryptocurrencies for transactions.

And it’s not just the private sector getting involved in South Korea’s crypto industry. As Rarity Sniper recently reported, the South Korean government has pledged to spend nearly $187 million on metaverse-related technologies. South Korean officials also announced in late 2021 that residents will not be required to pay taxes on NFT purchases.

Many in the crypto community believe that South Korea’s new leader, President Yoon Suk-yeol, will promote the country’s crypto adoption. While campaigning for the country’s highest office, Suk-yeol repeatedly said he wanted to ease many restrictions on South Korea’s booming crypto market.

According to current estimates, South Korea’s crypto industry will grow by more than $45 billion by 2021.

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