Samsung crypto exchange slated for 2023. The investment arm of Samsung is apparently mulling the construction of its own cryptocurrency platform. It is according to claims that surfaced in South Korean media on Monday.
There have been seven distinct domestic brokerages. That have shown interest in operating cryptocurrency exchanges in the first half of 2019. And one of those organizations is Samsung Securities. There are reports that negotiations with the regional authorities over the procurement of licenses. That have progressed to a more advanced stage.
In addition to this, five additional domestic enterprises, one of which is Mirae Asset Securities. Are in the process of making plans to develop their very own platforms.
Recently, an official from one of the companies who are applying for a license told NewsPim. That “currently, dialogues necessary for the establishment are also being finalized.” NewsPim was informed of this statement by the official.
In addition, the article mentioned that Samsung Securities is now conducting research. To determine the best way for them to enter the blockchain business and achieve the most amount of success.
Last year’s Exchange Attempts Failed
According to reports, the company’s past attempts to construct an exchange did not meet. With success since it was unable to find the required industry professionals to administer the exchange. This obstacle was encountered one year ago.
Despite this, the company has made continual adjustments to its business operations. In order to take into account new developments in the digital asset industry.
At the beginning of this month, Samsung Securities was one of three financial institutions in South Korea. That decided to become members of the largest exchange in the nation. Which is known as Bithumb. Customers of Samsung Securities will now be able to monitor the progress of their bitcoin holdings. By using an application that made available by Samsung.
In addition, Samsung Securities was the very first financial organization in Asia. To launch a global blockchain exchange-traded fund (ETF).
At the time that this article was also prepare for publication, Decrypt had not yet heard back from Samsung.
Samsung, Crypto and Blockchain
For the past few years, Samsung has been devoting resources from a variety of its business operations. To the development of blockchain-based initiatives. These resources come from the company’s cryptocurrency mining operations. These resources came from the large pool of available resources. That the firm had at its disposal.
In May, the world’s foremost innovator in technology established a working partnership. With Nifty Gateway with the intention of incorporating NFT functionality into its line of smart TVs. This objective served as the push for the partnership to formed. A limited-edition NFT also made available, and its release coincided. With the introduction of a new smartphone in the month of February.
Additionally, throughout the month of January, it launched its very first online retail location. This store, which was located in Decentraland, was the first point of entry for the corporation into the Metaverse. And it operated in that capacity extremely successfully.
During this time, the venture financing part of the firm, known as Samsung Next. It has been actively involved in the blockchain industry by also investing in a number of different companies. This category includes also a number of different businesses, including Axie Infinity. The Bored Ape Yacht Club, FTX, and SuperRare, among others.
