Key takeaways
- South Korean tech giant LG Electronics has updated its corporate charter with new business areas, including blockchain technology, crypto, and medical devices
- LG is reportedly looking to develop and earn revenue by selling blockchain-based products
- Roughly a month ago, LG partnered with Kakao’s blockchain subsidiary Ground X to bring NFTs to its smart TVs
LG Electronics to expand into blockchain and crypto
Local news outlet Korea JoongAng Daily reports that South Korean tech giant LG Electronics has committed to blockchain and crypto as new areas of business focus. According to local reports, the leading home appliances manufacturer has updated its corporate charter objectives to include the aforementioned DLT technology as well as medical devices as its new business areas.
The electronics giant is reportedly looking to “develop and sell blockchain-based software” and is eyeing the possibility of launching its own brokerage. When asked about the likelihood of the company launching a cryptocurrency exchange, the firm’s spokesperson essentially said there are currently no specific plans on the table apart from a broad vision.
The news of LG Electronics making a further commitment to the blockchain space comes roughly a month after the tech giant introduced NFT functionality to its smart television models as a part of the collaboration with Kakao’s blockchain subsidiary Ground X. LG initially revealed its NFT plans early in January, shortly after the company’s main rival Samsung announced NFTs are coming to its 2022 TV lineup.
LG Electronics’ push into crypto and the medical field indicates the tech giant is looking to diversify its revenue sources. For context, LG closed down its smartphone division last April, after suffering heavy financial losses and stiff competition from the likes of Apple, Samsung, and Xiaomi.
