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Samsung is Set to Become the First Major Electronics Company will Launch a Crypto Exchange platform

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Joyashree Dey Follow

INDIA

Aug, 29 2022

Aug, 29 2022

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On August 22, a news outlet in South Korea reported that the South Korean tech giant Samsung is in the process of launching its crypto exchange platform in the first half of 2023. 


Impelled by new regulations favorable to the cryptocurrency industry in South Korea, Samsung can also develop its own cryptocurrency. 


The project is in the hands of the Samsung Securities division’s members, who are currently dealing with the development of such a crypto service, based on the blockchain. Samsung securities become Asia's first firm to launch a Global Blockchain-Based ETF.   
 

Samsung partnered with Bithumb for its crypto services. These substances, which manage protections, cooperate with South Korean financial authorities to get official permission to perform the roles of a trade.  


South Korean media underlined that Samsung isn’t the only company in the country that wants to make new strides in the crypto world. Six other significant companies, like Mirae Asset Securities, recorded on the trade have plans to have crypto exchanging at stage 2023. 


Though Samsung has been scheduling to enter the cryptocurrency sector for a while, the policy of the new president of South Korea, Yoon Suk-yeol, since May 2022, favoring this action in the nation, has motivated Samsung (and other South Korean tech organizations) to speed up their investments. Suk-yeol encourages individuals as well as organizations to invest in digital currencies. Even helping to raise the minimum taxable income on crypto gains to tax citizens to take the plunge. 


Samsung intends to launch its own trade through Samsung Securities. In 2021 Samsung adopted a wallet capability for its Galaxy smartphones and a TV that upholds NFTs and Cardano openness (ADA). This illustrates how the company is receptive to the crypto business. 


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Joyashree Dey

CBW - External Analyst

INDIA

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