2 min read
Just yesterday local news channels in South Korea announced that Samsung is planning to come up with its very own crypto exchange by 2023.
This crypto exchange is planned by Samsung Securities, the department that handles investments and equities for the tech giant. But is Samsung the only major tech firm stepping into the crypto industry?
Apart from Samsung, around five major companies listed on the South Korean exchange have realized the potential crypto possesses, and will soon make their way into the crypto markets. A big name among these is Mirae Asset Securities, which is also planning to launch its own cryptocurrency exchange like Samsung in early 2023.
Planning to enter crypto markets, all these firms are working towards obtaining the necessary licenses from financial regulators in South Korea. Sources tell that most of these organizations are already in the final stages of obtaining their licenses.
Firms as big as Samsung, taking interest in cryptocurrency surely is great news for the crypto markets and is clearly an indication that crypto demand might skyrocket in the years to come.
This entry into the crypto market was not very sudden, the company last year released two crypto initiatives, which include a digital wallet for its Galaxy phone line, and an NFT supporting Samsung TV.
There is no official announcement from Samsung about the nature of its exchange, but local news sources in South Korea stated that most of it will be focused on security tokens.
Once launched, this platform would be Samsung’s second attempt at entering the crypto business. The tech giant just last year tried to launch a trading platform, which ultimately failed because of a lack of specialization.
Being the home to so many of the world’s leading crypto-related projects, South Korea will surely rise up as the crypto capital of South Asia.
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