South Korea’s local news channels announced that Samsung plans to develop its own crypto exchange by 2023.
This Cryptocurrency Exchange is planned by Samsung Securities, the department that handles investments and equities for the tech giant. But is Samsung the only significant tech firm stepping into the crypto industry?
Apart from Samsung, around five huge companies listed on the South Korean exchange have recognized the potential of crypto and will soon enter the crypto markets.
Among them is Mirae Asset Securities, a well-known company that plans to introduce its cryptocurrency exchange in early 2023, much like Samsung.
These companies are attempting to secure the required licences from South Korean financial regulators as they prepare to enter the cryptocurrency markets. According to sources, most of these organizations are already completing the process of receiving their claims.
Firms as big as Samsung taking an interest in crypto is excellent news for the crypto markets and reveals that crypto demand might skyrocket in the coming years.
This move into the cryptocurrency industry was not unexpected. Last year, the company launched two cryptocurrency initiatives: a Digital Wallet for its Galaxy phone line and an NFT that supports Samsung TV.
There has been no official announcement from Samsung regarding its exchange, but local South Korean media sources have reported that most of it would focus on security tokens.
This platform will be Samsung’s second attempt to enter the cryptocurrency market when it is released. Last year, the tech giant attempted to launch a trading platform, which failed because of a lack of specialization.
South Korea will indeed become the crypto capital of South Asia, given that it is the location of so many of the top crypto-related projects worldwide.