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

25 August 2022

in Mining

Reading Time: 3 mins read

Samsung’s investment arm is eyeing the launch of its own cryptocurrency platform, South Korean media reported on Monday.

Samsung Securities is one of seven domestic brokerages looking to start operating a crypto exchange in the first half of next year. Talks with local authorities over securing licensing are said to be in advanced stages.

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

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“Currently, discussions necessary for the establishment are being finalized,” an official from one of the companies applying for licensing told NewsPim.

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

Its previous attempts to launch an exchange were stalled last year when the business 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 financial institutions in South Korea to partner with the country’s largest exchange, Bithumb. The tie-up means 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 across several parts of its operations in the last couple of years.

In May, the technology 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.

It also took its first steps into the Metaverse in January with the opening of a virtual store in Decentraland.

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