Home Markets Samsung could launch a crypto platform next year, according to reports

Samsung could launch a crypto platform next year, according to reports

0
Samsung could launch a crypto platform next year, according to reports

Samsung could launch its own cryptocurrency exchange as early as next year.

According to a report by NewsPima South Korean newspaper which is one of sources of information for FactivaSamsung
005930,
+1.19%

is one of many companies in the country that has recently attempted to obtain the appropriate licenses from financial authorities for a virtual asset exchange.

The report states that Samsung plans to launch its virtual currency company in the first half of 2023. Samsung uses Samsung Securities Co., Ltd.
016360,
+0.89%
,
a financial services company and subsidiary of the large Samsung group, to acquire the appropriate financial licenses for such a move.

In addition to Samsung, six other South Korean companies are looking to get involved in crypto and are working with the country’s financial regulators to achieve this, the report said. Another such company is Mirae Asset Securities Co., Ltd.
006800,
+0.61%
,
one of South Korea’s largest investment banks and stockbrokers.

Few other details about Samsung’s crypto platform are known yet, and Samsung representatives weren’t immediately available for comment.

See also: Sony raises PS5 prices in most markets amid ‘high global inflation’

But this isn’t the company’s first foray into cryptocurrency. Earlier this year, Samsung gave away some of its popular Galaxy smartphones a blockchain wallet feature to support virtual assets including bitcoin
BTCUSD,
-0.36%

and ethereal
ETHUSD,
-0.46%
.

The latest news comes at a turbulent time for crypto investors. Bitcoin was trading just above $21,000 on Thursday morning, nearly 70% below its all-time high from November 2021, according to data from CoinDesk.

Ether prices were hovering around $1,700 on Thursday, down 53% year-to-date.

See also: Why is crypto crashing? Mark Cuban Says ‘Crypto Is Going Through The Internet’s Calm’

The total market capitalization of all cryptos almost hit $3 trillion for parts of 2021, but has fallen below $1 trillion in August.

Recent crypto market conditions have led to a drastic drop in crypto prices, as well as layoffs at many crypto-related businesses. Coinbase crypto exchange
PIECE OF MONEY,
-0.15%

laid off 18% of its employeesand BlockFi plans to lay off 20% of its employees. That’s not all: the NFT OpenSea platform is reducing its workforce by 20%, and Gemini plans to lay off 10% of its employees.

LEAVE A REPLY

Please enter your comment!
Please enter your name here