LG Electronics adds blockchain and cryptocurrencies to corporate goals

LG Electronics added blockchain and cryptocurrencies as business directions in its updated charter.

The changes were approved by the company’s shareholders’ meeting.

The announced goals include “development and sale of blockchain-based software” and “sale and brokerage of cryptocurrencies”.

“Nothing has been decided yet. We merely mentioned the business areas in broad terms,” a company spokesperson told Korea JoongAng Daily.

Back in 2019, LG Electronics filed a patent application for a cryptocurrency wallet and announced the production of blockchain smartphones. The company exited the mobile devices market in 2021, unable to withstand competition.

In January 2022 LG, following Samsung, introduced a lineup of smart TV models with NFT support. The corporation also entered into a partnership with Seoul Auction’s division to realise projects in the digital collectible space.

In 2021 Samsung added support for its own cryptocurrency wallet to most Galaxy smartphones.