LG Electronics Expands To Crypto And Blockchain In New Filing

South Korean technology giant LG Electronics Inc. is officially planning to enter the cryptocurrency realm.

What Happened: Following the approval during a shareholder meeting held on Thursday, LG added blockchain and cryptocurrency as business areas listed in its corporate charter, according to a Thursday report by local news outlet Korean JoongAng Daily. The firm's new objectives include "the development and selling of blockchain-based software" and "the sale and brokerage of cryptocurrency," hinting that the company may soon facilitate the trade of cryptocurrencies such as Bitcoin BTC/USD.

An LG spokesperson said "nothing has been decided yet" and it is unknown if the company will launch a crypto exchange in the future. The representative explained board members "just mentioned business areas in a broad manner."

The report follows the company presenting an immersive non-fungible token (NFT) experience during the Art Basel Miami event at the end of 2021 under its premium brand LG Signature. Furthermore, crypto news outlet Cointelegraph reported on rumors concerning LG creating a crypto-related marketplace.

The company also added the development and sale of medical devices as new business objectives on the back of the launch of a pain-relief device called MediPain to the Korean market in January.