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LG Electronics, based in South Korea, is experimenting with cryptocurrency and blockchain technology

LG Electronics has disclosed plans to delve into crypto and the underlying distributed ledger technology (DLT) to enable it to take advantage of the new revolution as East Asian giant, South Korea, gears up to swear in a new crypto-friendly president later this year.

The 64-year-old IT heavyweight has formally announced the extension of its business to encompass blockchain technology and cryptocurrency, according to local news portal Korea JoongAng Daily, and its new venture was greenlighted by its shareholders during a meeting on Thursday.

The company has hinted that its new business model will incorporate blockchain-based software development and sales, as well as cryptocurrency sales and brokerage.

When asked if the company is planning to create a cryptocurrency exchange, a spokeswoman for the company says:

“Nothing has been decided yet. We just broadly mentioned business areas.”

While the multinational electronics manufacturer also announced ventures into intellectual property trading, medical device development and sales. Incorporating innovative technologies such as crypto and blockchain into its business line. Of course, appears to be the smartest move for the company at the moment. Because, given that it recently dumped its smartphone business, which reportedly cost it over $4.1 billion in losses.

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