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LG Electronics expands into blockchain and crypto

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South Korean tech giant LG Electronics has announced plans to incorporate cryptocurrency and blockchain into its business development.


LG Electronics, the South Korean tech giant, has added blockchain and cryptocurrencies to its corporate charter as new business areas. 

During its annual general meeting on Thursday, LG revealed two crypto-related objectives. These objectives are mentioned as "the development and marketing of blockchain-based software" as well as "the sale and brokerage of cryptocurrencies," leading to speculation that LG may establish its own crypto exchange.

When asked about the company’s intention to start its own exchange or platform, an LG spokesperson tempered any speculation, stating, “Nothing has been decided yet. We just mentioned business areas in a broad manner.”

It was rumored earlier this year that LG was planning to launch a crypto-related marketplace after Bithumb CEO Heo Baek-young confirmed that the exchange was working with "a large company" to create a nonfungible token (NFT) marketplace.

The tech manufacturer has been aggressively pursuing NFT adoption and integration. It announced earlier this month that it was working with blockchain company Kakao's Ground X to offer a line of smart TVs that are fully NFT-compatible. Furthermore, LG announced a partnership with Seoul Auction Blue, an online art auctioneer, to conduct further projects involving NFTs.


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