Blockchain and crypto are new business areas for LG Electronics

In its corporate charter, the South Korean tech giant LG Electronics has officially added blockchain and cryptocurrency as new areas of business.

A South Korean news report said that LG added two new crypto-related goals during its annual meeting on Thursday. There is speculation whether LG will set up a crypto exchange based on its plans to develop and sell blockchain-based software, as well as sell and broker cryptocurrencies.

LG's spokesperson responded to any speculation about its plans to launch its own exchange or platform, saying, "Nothing has been decided yet. We are just mentioning business areas in a broad way.".

The CEO of Bithumb Heo Baek-young, confirmed an on-going involvment with "a large company" to develop a nonfungible token (NFT) marketplace. Recently, the electronics giant announced that it was launching a line of smart TVs that are fully NFT-compatible, working with Kakao's Ground X, a blockchain company.

LG's announcements come as the nation and fellow tech giants around the world adopt blockchain and cryptocurrencies. Another tech giant from South Korea, Samsung, announced earlier this year that it will launch a NFT platform with its smart TVs, as well as launching its own store within the Decentraland metaverse.

Earlier this month, South Korea elected a crypto-friendly president, Yoon Suk-yeol, who raised funds during his campaign to de-regulate the crypto industry as well as establish initiatives to make South Korea into a leader in blockchain technology.

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