This week, the multinational electronics company LG Electronics announced it was adding cryptocurrency and blockchain to its business portfolio, expanding beyond home appliances, wearable devices, home theater systems, computer monitors and other goods.
The South Korea-headquartered company said it would aim to develop and sell “blockchain-based software” and get involved in “the sale and brokerage of cryptocurrency,” sparking speculation that LG Electronics might someday establish a cryptocurrency exchange.
The company, however, did not confirm if a crypto exchange was forthcoming. "Nothing has been decided yet," an LG Electronics spokesperson told local media. "We just mentioned business areas in a broad manner."
Last month, LG Electronics unveiled NFT-equipped smart TV models with Ground X, a blockchain subsidiary of South Korean tech juggernaut Kakao. And the company is also partnering with the NFT company Seoul Auction Blue to work on NFT artwork projects.
Last year, LG Electronics exited the smartphone industry due to its diminishing market share and the loss of around $4.1 billion.