In South Korea, local news outlets just just reported that Samsung intends to launch its own cryptocurrency exchange by 2023.
The division of Samsung Securities that manages assets and shares for the tech behemoth is in charge of planning this cryptocurrency exchange. But is Samsung the only significant tech company entering the cryptocurrency space?
Aside from Samsung, about five other significant firms listed on the South Korean exchange have become aware of the potential that cryptocurrencies hold and may soon enter the market. One well-known company among them is Mirae Asset Securities, which intends to start its own cryptocurrency exchange early in 2023, similar to Samsung.
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.
This platform’s debut would mark Samsung’s second effort to get into the cryptocurrency market. The internet juggernaut just tried to introduce a trading platform last year, but it finally failed due to a lack of specialisation.
South Korea will undoubtedly become the crypto capital of South Asia given that it is the location of so many of the top crypto-related enterprises in the globe.
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