Tech Giant Adds Blockchain To Its Business Lines

South Korean tech behemoth LG Electronics has officially added blockchain technology and cryptocurrency to its business lines. 

The company stated at its annual general meeting that they aim to develop and sell blockchain-based software. Their objectives that include the “sale and brokerage of cryptocurrency” also sparked rumors that the company might later on set up a crypto exchange. But their spokesperson quelled the conjecture stating that “nothing has been decided yet”. 

Speculations about LG launching a crypto-related marketplace circulated earlier this year when Bithumb CEO Baek-Young hinted about their working with “a large company” to develop an NFT marketplace. 

The IT giant has been on a roll with NFT adoption and integration. Using Kakao’s Ground X’s blockchain technology, LG introduced smart TVs where digital artworks, aka NFTs, can be traded. They also collaborated with Seoul Auction Blue in this vision.

More and more tech firms are jumping on the blockchain board. Earlier this year, LG’s fellow South Korean tech giant Samsung also announced its launching of Smart TVs that are NFT-capable. 

South Korean president Yoon Suk-Yeol is also very supportive of the crypto industry. In fact, part of his pledges entailed zero-taxing crypto trading gains not exceeding $40,000.