Samsung Plans to Launch Bitcoin and Cryptocurrency Exchange in 2023

Samsung wants to launch a cryptocurrency exchange as early as next year. To do this, the leader of mobile telephony turned to six South Korean companies specializing in finance. Despite the market crash, the Seoul giant reaffirms its appeal to the world of crypto assets.

Samsung plans to launch a cryptocurrency exchange platform in South Korea, according to local news outlet Newspin. Through Samsung Securities, the group’s finance arm, Samsung has applied for approval from South Korean financial regulators.

To implement the project, Samsung has teamed up with six other financial companies based in the country. The document applies, in particular, to Mirae Asset Securities, South Korea’s largest investment banking and brokerage firm.

“Discussions necessary for implementation are being finalized,” says a manager from one of the companies involved in the project.

The launch is scheduled for the first half of 2023.

Approval by the financial authorities is expected by January 2023. If all goes according to plan, the platform should see the light of day in the first half of next year.

Seven companies are expected to collaborate on the platform. However, every company seems to want to focus on certain features of the ecosystem. For example, Samsung would like to focus on supporting security tokens. In the world of cryptocurrencies, a security token, also referred to as an “investment token” or “equity token”, is a digital currency backed by a security such as stock market shares. These values ​​were simply transferred to the blockchain to attract new investors or facilitate trade. This process is called tokenization. Security tokens represent a stake in the company that issued them on the blockchain.

Documents seen by Newspin also show that Mirae Asset Securities has set up a dedicated subsidiary, Mirae Consulting. The division is currently hiring researchers specializing in cryptocurrencies such as Bitcoin and Ethereum, two of the most valuable digital currencies in the entire ecosystem.

Apparently, chaebols (a collection of Korean companies that have cross-shareholdings among themselves) wanted to start developing their crypto asset exchange platform last year. Unfortunately, Samsung was unable to find employees to support the development and operation of the platform. The firm also needs people skilled in smart contract or smart contract programming. These computer programs are able to automatically perform tasks on the blockchain. Several important decentralized finance protocols rely on them, including bridges.

To justify the launch of the initiative, the manager highlights the evolution of the digital asset market. He notes that “digital asset trading is active around the world, and the size of the market is increasing every year.” Currently, the cryptocurrency market has about 200 million users worldwide. By 2030, the number of users should reach one billion, according to a study by the Boston Consulting Group (BCG), a strategy consulting firm.

The project is launched when the entire cryptocurrency market is in the red. Bitcoin crashed below $25,000, causing its billion-dollar valuation to evaporate. Despite this uncertain economic context, Samsung is confident in the future of digital assets.

Read also: Samsung would cut smartphone production, sales fell halfway

Samsung confirms its interest in cryptocurrencies

These are not Samsung’s first steps into the world of crypto assets. The Seoul giant has shown its interest several times in the past. The leader in mobile telephony has developed several blockchain-based solutions for its Galaxy smartphones. For example, in 2019, Samsung announced Samsung Blockchain, a digital wallet for storing cryptocurrencies. The wallet has been directly integrated into the Galaxy S10 line of phones.

The sixth most valuable company in the world has also entered the cryptocurrency mining sector. Specifically, Samsung has developed a new 3nm engraved chip exclusively for mining machines. It promises to consume 45% less power than 5nm chips. The company does not intend to stop there. Chips for minors engraved with 2nm should see the light of day in 2025.

The South Korean group has also made a name for itself by adding non-fungible tokens (NFTs) to some of its TVs. This platform, included in the Smart Hub menu of connected TVs, will allow you to view, buy, sell and show digital works in your living room.

Finally, it should be recalled that Samsung is the second largest investor in the world of blockchain after Google. The South Korean company invested $979 million between September 2021 and June 2022. As with its blockchain projects, Samsung has diversified its investments by investing in 13 different companies, including NFT specialists such as Yuga Labs.

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