LG Adds Crypto and Blockchain to Company Charter

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  • LG has added cryptocurrency and blockchain technology to its company charter
  • The electronics giant has dabbled with the technology in recent years
  • LG introduced a series of NFT-capable TVs last month

Tech giant LG Electronics has added cryptocurrency and blockchain technologies to its newly revised company charter, signalling a potential entry into the crypto market from the electronics giant. According to Korean news outlet Korea JoonAng Daily, the TV maker added the two crypto-related objectives alongside medical equipment to its company charter during its annual general meeting on Thursday, with the objectives including “the development and selling of blockchain-based software” and “the sale and brokerage of cryptocurrency”.

LG Turns Baby Steps Into a Big Leap

LG has shown an interest in the crypto space in recent years, with a range of fully NFT-capable televisions introduced last month thanks to a collaboration with blockchain tech company Kakao’s Ground X. This collaboration, which was signed back in November 2019, has been echoed by Samsung who this year announced that three of its 2022 TV models will have the ability to trade NFTs.

Its LG CNS subsidiary has also been involved in experimenting with crypto and blockchain, with a line of smart farms being demonstrated at CES 2020 in a collaboration with plant factory company Palm8 among other projects.

Nothing Decided Yet Over Implementation

There had been speculation about LG’s further involvement in the sector earlier this year when Bithumb CEO Heo Baek-young confirmed that it was working with “a large company” to develop an NFT marketplace.

LG told Cointelegraph that there were no firm plans as to how the company planned to integrate blockchain and crypto however, with a spokesperson only saying that, “Nothing has been decided yet. We just mentioned business areas in a broad manner.”