Bitcoin is falling, but Samsung wants to create its own crypto platform

Equipment news Bitcoin is falling, but Samsung wants to create its own crypto platform

Published on 24.08.2022 at 17:20

The web3 sector is known to the South Korean tech giant. Having entered the metaverse and established an ecosystem dedicated to NFTs, Samsung wants to create a platform dedicated to cryptocurrencies through its Samsung Securities division.

Samsung is going to develop its own crypto exchange

By embarking on web3, the international electronics company is once again demonstrating its ability to diversify by expanding into multiple sectors. This time around, it’s not about NFTs or the metaverse, but rather about cryptocurrencies, despite the recent fall in the value of Bitcoin.

It is through its financial subsidiary Samsung Securities that the company wants to create new solutions for cryptocurrencies.

To do this, Samsung Securities teamed up with several South Korean banks and brokers to obtain permission from the financial authorities to operate a real crypto exchange in South Korea.

Among the 7 companies of the group, we find one of the largest investment banks in South Korea: “Mirae Asset Consulting”. Accustomed to the traditional stock exchange, the bank plans to hire staff specialized in bitcoin, ethereum and NFT to technically develop its crypto ecosystem.

Specifically, the goal is to be able to develop a true cryptocurrency trading platform. The app should allow you to buy, sell and store many cryptocurrencies like industry leaders like Binance or FTX.

Samsung: pioneer of cryptography and web3

According to NewsPim, this isn’t the first time the electronics giant has used exercises like this. In 2021, the company has already unsuccessfully tried to launch its own exchange. With its investment subsidiary Samsung Securities, the giant that typically builds smartphones, it is analyzing the sector to develop a viable long-term solution. Thus, this project is taking shape as the speculative bubble around cryptocurrencies has burst.

In the logic of innovation, Samsung Securities is of particular interest (STO) – these are security tokens that look like stocks or bonds that allow companies to redistribute the value of their company among shareholders 3.0.

According to the South Korean news agency Newspim, the project companies plan to roll out the crypto platform in the first quarter of 2023.

Crypto platform exclusive to South Koreans

Cryptocurrencies are popular not only in El Salvador. Indeed, the new government, or rather the president of South Korea himself, is in favor of cryptocurrencies.

Elected on May 10, 2022, Yoon Seok-yeol aims to loosen crypto sector legislation in South Korea. By taking this side, the South Korean president believes it could unleash the “unlimited potential of the digital asset market.”

If Samsung manages to develop its first crypto solution in its country of origin, the company will also be able to export this type of service internationally and thus beat Apple in the cryptocurrency race.

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