LG Electronics Hints for Crypto and Blockchain Adoption

lg electronics lists crypto and blockchain as areas of business.o

The South Korean tech giant will seemingly make its way into the digital asset industry by adopting blockchain technologies.

LG is known for having plans to enter the crypto market after signing a partnership agreement with cryptocurrency exchange Bithumb for an NFT marketplace. This time, the tech company is likely to launch its own blockchain products.

Based on a news report from Korea JoongAng Daily, LG Electronics apparently approved its new business areas in blockchain and cryptocurrencies at a shareholder meeting. However, during an interview with local journalists, an LG spokesperson did not have a clear answer about the company’s future plans.

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Similarly, at the same meeting, LG announced its partnership with a digital asset auction house called Seoul Auction Blue, where the company would list and sell its digitized art to the highest bidder. In fact, last month LG Electronics and scalable blockchain platform Kakao Ground X previewed its latest smart TVs with NFT support.

LG’s blockchain adoption efforts may stem from Samsung’s development of NFT and metaverse innovations from its closest competitor, supported by their latest Smart TVs.

Recently, Samsung C&T even partnered with a blockchain gaming platform PlayDapp to work on a digital rendering, or metaverse, of the tech giant’s real-life theme park called Everland.

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Dom Z. – Crypto Analyst, BitDegree

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