Samsung Slates Crypto Exchange Launch in South Korea for 2023: Report

Samsung Slates Crypto Exchange Launch in South Korea for 2023: Report

Samsung’s investment arm plans to launch its own cryptocurrency platform, South Korean media announced Monday.

Samsung Securities is one of seven national brokerages looking to start operating a crypto exchange in the first half of next year. Discussions with local authorities on obtaining licenses are said to be at an advanced stage.

Mirae Asset Securities and five other domestic companies also plan to launch their own platforms.

“Currently, the discussions necessary for the implementation are being finalized”, assures a manager of one of the companies applying for approval. Told NewsPim.

The report also states that Samsung Securities is conducting a study on how best to enter the blockchain industry.

Its previous attempts to launch an exchange were stalled last year when the company was reportedly unable to hire the right professionals to run it.

But the company has continued to keep pace with developments in the digital asset industry.

Earlier this month, Samsung Securities was one of three South Korean financial institutions to partner with the country’s largest exchange, Bithumb. The reconciliation means that Samsung Securities customers can check the status of crypto investments through Samsung’s own app.

Samsung Securities was also the first to launch a global blockchain exchange-traded fund (ETF) in Asia.

Samsung, crypto and blockchain

Samsung has been working on blockchain projects in several parts of its operations over the past two years.

In May, the tech giant partnered with Nifty Gateway to add NFT functionality to its smart TVs. The release of a new smartphone in February was also accompanied by a commemorative NFT.

He also took his first steps into the metaverse in January with the opening of a virtual store in Decentraland.

Meanwhile, its venture capital funding arm, Samsung Next, has invested in many blockchain-related companies, including Axie Infinity, Bored Ape Yacht Club, FTX, and SuperRare.

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