LG Electronics, headquartered in South Korea, has added blockchain and cryptocurrency to its business portfolio.
LG’s Blockchain and Crypto Game Plans
At the March 24 annual general meeting, LG Electronics shareholders approved the development of “blockchain-based software” and “cryptocurrency sales and brokerage” as two new business areas.
Although LG has included the sale and brokerage of cryptocurrency in its corporate charter, it does not appear to be opening a digital exchange yet. In response to a question about whether the company plans to open a digital asset trading platform, a company spokesperson said: “Nothing has been decided yet… We just mentioned business areas in a broad way.”
However, LG Electronics has teamed up with blockchain company GroundX and NFT solution provider Seoul Auction Blue to introduce NFT-enabled smart TVs, a version of which was introduced last month, according to a local news report.
In the past year, LG has withdrawn from smartphone and solar panel companies that have proved unprofitable. However, the company is the fourth largest company in South Korea. It posted annual sales of $63.16 billion and operating profit of $3.27 billion in 2021.
LG and Samsung join emerging technologies
LG’s adoption of blockchain and cryptocurrency as new business areas is in line with the growing trend of top companies aligning their business development goals with emerging technologies.
Samsung, the largest of the South Korean companies, recently announced that it would integrate an NFT aggregation platform into a new series of smart TVs it plans to introduce later this year. This feature presents NFT marketplace data on the users’ TV sets, which can also be used to view their digital collections and purchase new ones.
The adoption of blockchain-powered businesses and features by South Korean companies such as Samsung and LG Electronics comes on the back of an overall crypto-friendly environment in the country following Yoon Suk-yeol’s victory in the recently concluded presidential election.
During his election campaign, Yoon Suk-yeol pledged to allow ICO and provide tax relief on crypto earnings. He will take up office in May this year.
Part of Growing Crypto Adoption Trends
In recent months, several leading companies have taken initiatives taking into account the opportunities that cryptocurrency and NFT offer. For example, the New York Stock Exchange (NYSE) filed a trademark application with the US Patent and Trademark Office for Digital Exchange and NFT Marketplace last month.
In a similar vein, Apple introduced features in its iPhones that enable crypto payments through cards provided by merchant banks.
Featured image courtesy of Eurovent
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