LG's New Venture Plans to Include Cryptos and Blockchain
The South Korean electronics giant - LG Electronics has introduced cryptos and blockchain to its business portfolio. The giant also plans to introduce Smart TVs that allow viewing and buying NFTs.
LG's Crypto and Blockchain
During the Annual General Meeting held on March 24, LG's stakeholders approved the development of blockchain-based software and Crypto's sale and brokerage as two new areas in business. In addition, the company has been working with GroundX, a blockchain firm, and an NFT solution provider Seoul Auction Blue to launch Smart TVs with NFT aspects.
Though LG's smartphone and solar panel ventures have been unprofitable. However, the company is the 4th largest in South Korea, with an operating profit of $3.27Bn in 2021.
Samsung and LG with Emerging Techs
The adoption of Crypto and blockchain as new areas by LG is in line with the emerging trend of top organizations aligning their development objectives with evolving techs. Samsung publicized its integration of the NFT Aggregation Platform to its new Smart TVs later this year. This feature can be used to view the digital collection and buy new ones.
The adoption of blockchain-powered ventures and features by LG and Samsung comes on the following crypto-friendly environment in the country after the victory of Yoon Suk-yeol in the presidential election.