LG Electronics Incorporates Digital Assets and Blockchain in Business

LG Enters The Crypto Space

As part of its expansion plan, the South Korean conglomerate intends to incorporate three areas in its business sectors. These include cryptocurrency (digital assets), blockchain, and medical devices. 

During the corporation’s meeting, key shareholders approved of the new business goals. These goals entail the sale of cryptocurrencies and the development of blockchain-based software. 

Inspired by Samsung

Following the electronics multinational corporation Samsung’s venture into the NFT space, LG Electronics also expressed its piquing interest in the virtual world. 

Last month, LG Electronics partnered with GroundX, a blockchain platform. The move was initiated with the objective of offering users an immersive NFT experience on their smart televisions. 

With the latest announcement, LG can install NFT platforms that enable the trade of NFT artworks (collectibles) on LG’s smart television. Additionally, the company introduces another application as well. Drops Gallery, a digital art application allows people with smart TVs to enjoy rare digital artworks and cloud game services. 

Ever-Evolving South Korean Crypto Market

Leading multinational tech giants of South Korea including LG, Samsung, and the SK Group are reportedly expanding enormously in the crypto and blockchain markets. Samsung and LG have built their presence in digitized markets with the introduction of crypto, NFT, and blockchain features on their products. 

The South Korean President Yoon Suk-yeol guarantees deregulation of crypto, reduction of tax, and a push towards the NFT sector. Thereby, under the rule of the crypto-friendly South Korean President, it is guaranteed that crypto adoption will surely flourish in the East Asian country.