LG Electronics is a South Korean multinational electronics company which is a part of the popular LG Group- the fourth largest chaebol in South Korea. Adding more, LG Electronics is one of the popular business operators for mainly home appliances. Thus, it is serving its operations across 128 countries worldwide.
However, to expand the business wide, the company cited to develop the business in the growing digital world. As we all are observing, cryptocurrency and blockchain are the trending talk of the town. Thus, LG Electronics smartly planned to implement crypto and blockchain in its corporate charter.
Therefore, LG group will start operating in new fresh fields experiencing the digital benefits beyond the existing home appliances.
LG Electronics Incorporates Crypto & Blockchain
As cryptocurrency and blockchain technologies are growing high as such they are potential to be our near future. So, observing these many business giants and whales are now adopting crypto and expanding their markets into these specific beneficial areas.
One among them is LG Electronics which planned to cite new objectives including “the development and selling of blockchain related software” and “the sale of brokerage of digital assets.”
Besides, when a sudden implementation of crypto into the home appliance company, the public had a curiosity question. “Whether the electronics company will adopt and launch a cryptocurrency exchange?.” In return, the LG team gave a clear explanation stating, till now, nothing has been decided, it is just the company is expanding the business areas in a broad manner.
In addition, the company representative shared, building a crypto exchange will bring up difficulties due to strict regulations. But, selling the blockchain-based devices, supporting the view of non-fungible tokens (NFTs) will be easier and profitable.
Moreover, LG Electronics quoted for the development and business of medical devices to support the digital health care units. As a successful start, the company released a series of healthcare devices. One among them is the pain relief device called MediPain, sold in the Korean marketplace in January.
Thus, it will be a new business change for the company to expand its market presence into the digital world.