A Samsung crypto exchange? Yep. Tech giant working on 2023 launch in South Korea – Stockhead
Crypto fans celebrate the announcement of Samsung’s 2023 crypto exchange. Probably. (Getty Images)
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You want large-scale cryptocurrency adoption? Here you go. According to reports, it appears South Korean multinational tech behemoth Samsung is part of plans to launch a Bitcoin and crypto exchange next year.
A report from South Korean media outlet NewsPim on August 22 reveals that Samsung Securities, a subsidiary of Samsung Futures Inc, is among seven South Korean companies that intend to open a “virtual asset company” under a combined Korea Financial Investment Association plan.
Mirae Asset Securities, South Korea’s largest investment banking and stock brokerage, is apparently involved as well, and plans to handle various digital assets, including Bitcoin, Ethereum and NFTs.
Samsung Securities is also reportedly conducting a study to help it decide how to expand into the blockchain/crypto business with security tokens (essentially digital, liquid contracts for fractions of any asset that already has value, per Investopedia). Samsung attempted to attract employees to develop a security token platform last year but didn’t get the traction it needed at that time.
Focus on the signal.
Samsung plans to launch Bitcoin exchange in Korea
Intel & Samsung are making chips for Bitcoin miners.
Gazprom & ExxonMobil are mining Bitcoin.
Ignore the noise.
— NICO⚡️ (@BITVOLT7) August 22, 2022
The news is significant, given South Korea has, in the past, been one of the most frenzied crypto-trading hotspots on the planet, particularly during the ICO-boom days.
Over the past few years, though, financial regulators have cracked down on the Korean industry heavily, with the country’s Financial Intelligence Unit halting more than 60 crypto operations. Before the stricter measures, trading volumes on South Korea’s top exchanges were exceeding those of the country’s stock market, according to Cointelegraph.
But, as the NewsPim report suggests, perhaps forward-thinking companies such as Samsung have been spurred into action by the new, crypto-friendly government under Yoon Suk-yeol, which began in May.
Yoon is a known crypto supporter and used promises of crypto “deregulation” as part of his successful election campaign strategy.
He has also stated he aims to help create blockchain tech-related “unicorns” in South Korea, and is championing the country’s Financial Services Commission plans to push a Digital Assets Framework Act that would foster a more open crypto/Web3 industry.
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