LG Electronics announced at its Annual General Meeting on March 24 that the multinational electronics company was adding cryptocurrency and blockchain to its portfolio of products, in addition to home appliances, wearable electronic devices, home theater systems, computer monitors and other goods.
South Korea-based LG Electronics said it would develop and sell “blockchain-based software” as well as participate in “the sale and brokerage of cryptocurrency.” The company’s decision sparked speculation that the company might someday establish a cryptocurrency exchange.
Although the company did not confirm whether a crypto exchange would be soon available, it did hint at the possibility. “Nothing has been decided yet,” an LG Electronics spokesperson told local media. “We just mentioned business areas in a broad manner.”
The South Korean tech juggernaut Kakao announced last month that it would launch, in partnership with LG Electronics, NFT-equipped smart TV models. As part of the joint venture, New Future Technologies will also be working on NFT artwork projects together with Seoul Auction Blue.
A diminishing market share and a $4.1 billion loss led LG Electronics to leave the smartphone market last year. Despite this, LG is the fourth largest company in South Korea with approximately 504,000 employees. A $3.27 billion operating profit was recorded in 2021 for the company, on a turnover of $63,16 billion.
