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Samsung Securities To Launch A Crypto Exchange In South Korea Next Year

Samsung
Samsung

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Samsung is considering the launch of a crypto exchange in South Korea. The firm’s investment arm is trying to launch an exchange a second time after stopping its initial plans due to a lack of key talent.

Samsung Securities is among seven domestic brokerage firms that want to launch a crypto exchange in the first half of 2023. The companies have already engaged with local authorities to gain a license, which is already in the advanced stages.

An official from one of the firms stated that the discussions for setting up the crypto exchange are being finalized and the majority of the talks have been concluded. Mirae Asset Securities and five other domestic firms are also looking to launch their platforms.

Samsung Also Interested In Blockchain Business

Apart from launching a crypto exchange, Samsung Securities is also looking to enter the blockchain business. The company said its previous attempt to launch a crypto exchange last year failed because it couldn’t get the right professionals to run it. Even after the botched move, the firm has continued to follow the developments in the digital asset industry. Now it feels it has attracted enough talents that will manage a crypto exchange. But it still needs to pass through regulatory bodies to gain approval for the platform.

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Samsung Securities recently partnered with Bithumb, South Korea’s largest exchange. Samsung, along with three two other financial institutions, signed the partnership deal with the crypto exchange last month. This will enable customers of Samsung Securities to monitor their crypto investments via Samsung’s app.

Samsung Takes Steps Into The Metaverse Space

Samsung Securities has already rolled out a global blockchain exchange-traded fund (ETF), becoming the first securities company to do that in Asia.

Samsung has also been working on several blockchain projects over the past few years. The company sees technology as a vital part of the future in the finance sector.

Earlier in May, the firm collaborated with Nifty Gateway to include NFT functionality in its smart TVs. When it released a new smartphone in February, the technology giant added a commemorative NFT.  And in February, it entered the Metaverse space after launching a virtual store in Decentraland.

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