South Korea-based giant electronics company LG has added Blockchain and cryptocurrencies to its business portfolio.
What Are LG’s Blockchain and Cryptocurrency Plans?
At the annual general meeting, LG shareholders approved “Blockchain-based software development” and “cryptocurrency selling and brokerage” as two new business areas of the company.
However, although the giant technology company includes the sale and brokerage of cryptocurrencies, it does not plan to develop a digital exchange in the near future.
Asked whether LG plans to open a trading platform for digital assets, a company spokesperson said, “No decision has been made yet. We talked more broadly about these business areas.” he replied.
South Korea recently elected a crypto-friendly president.
One of South Korea’s largest companies, LG, is known to work with Blockchain company GroundX and NFT solutions provider Seoul Auction Blue to enable NFT display on their smart televisions.
Last month, the first version of the software was introduced.
However, LG announced last year that it was withdrawing from the smartphone and solar panel businesses on the grounds that they did not make a profit.
The company is known as the fourth largest company in South Korea. The company recorded annual turnover of $63.16 billion and operating profit of $3.27 billion in 2021.
The adoption of the blockchain and crypto industry by LG has coincided with the process by which large companies globally keep up with new technologies.
*Not investment advice.