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LG’s new business plans include Blockchain and Cryptocurrencies

2 min read

South Korea-based LG Electronics has added blockchain and cryptocurrency to its business portfolio. The electronic giant has already introduced smart TVs that will allow you to view and purchase nonfungible tokens.

LG plans

LG Electronics shareholders at the annual general meeting on March 24 approved the development of “blockchain-based software and the sale and brokering of cryptocurrencies” as two new business areas.

Although LG has included the sale and brokering of cryptocurrencies in its business plan, when asked if the company plans to open a trading platform for digital assets, a company spokesman said: “Nothing has been decided yet – we have mentioned business areas more widely.”

However, LG Electronics is working 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.

Last year, LG left the smartphone and solar panel business, which proved unprofitable. However, the company is the fourth largest company in South Korea. In 2021 noted annual turnover of $ 63.16 billion and operating profit of $ 3.27 billion.

The adoption of blockchain and cryptocurrencies as new business areas by LG is in line with the growing trend of top companies that align their business goals with new technologies.

Samsung, the largest of the South Korean companies, recently announced that it is integrating the NFT aggregation platform into a new line of smart TVs, which it plans to introduce later this year. This feature introduces data from the NFT market to users’ TVs, which can also be used to view their digital collections and also to purchase new ones.

The introduction of blockchain-based features by South Korean companies such as Samsung and LG Electronics comes against the background of an overall favorable environment for cryptocurrencies in the country following Yoon Suk-yeel’s victory in the recent presidential election.

During his election campaign, Yoon Suk-yeol promised to allow the ICO and provide tax breaks on cryptocurrency income.

In the last few months, several leading companies have taken the initiative in view of the opportunities offered by cryptocurrencies and the NFT. For example, the New York Stock Exchange (NYSE) filed a trademark application with the U.S. Patent and Trademark Office last month for the Digital Exchange and the NFT.

In a similar vein, Apple has introduced in its iPhone features that allow cryptocurrency payments via cards provided by commercial banks.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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