Tuesday, February 27, 2024

Electronics Giant LG Plans To Dive In Blockchain And Crypto

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Electronics giant LG plans to dive into the blockchain and the crypto space and will introduce Smart TV that can allow viewing and buying of NFTs as we can see more today in our latest blockchain news.

South Korea headquartered Electronics giant LG plans to dive into blockchain to its business portfolio. At the Annual General Meeting, the LG shareholders approved blockchain-based software development and the sale of crypto with the two new business areas. LG included the sale and brokerage of crypto in the busienss charter and doesn’t seem to be operating the exchange yet. Reply to a question if the company plans to open a trading platform with a company spokesperson saying that nothing has been decided yet.

LG Electronics has been working with GroundX and FNT solution provider Seoul Auction Blue to introduce a smart TV with NFT features which is a version of the introduction last month. In the past year, LG exited from the smartphone and solar panel business providing quite unprofitable. The company is the fourth biggest company in South Korea and recorded an annual turnover of $63.16 billion and operating a profit of $3.27 billion.

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The adoption of crypto and blockchain as a new busienss are by LG is in line with the growing trend of top companies aligning the business development goal and the emerging technologies. Samsung is the largest among the South Korean companies that announced that it will integrate an FNT aggregation platform into the new series of Smart TVs with a plan to launch later this year. The feature will present NFT marketplace data on the users’ TV sets that can be used to view their digital collections and purchase new ones.

The adoption of the blockchain-powered business and features by South Korean companies like LG and Samsung comes on the back of the overall crypto environment in the country after the victory of Yook Suk-yeol in the recent election. During the election campaign, the ICO provided tax relief on crypto income and he will assume office in May this year. In the last few months, a few leading companies took initiatives that keep in mind the opportunity that crypto and NFT offer. The NYSE filed a trademark application with the US Patent and Trademark Office for digital exchange and NFT marketplace last month.


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