The Margin: Samsung could launch a crypto platform next year, reports say

by | Aug 26, 2022 | Stock Market

Samsung could launch its own cryptocurrency exchange as early as next year. According to a report from NewsPim, a South Korean newspaper that is one of the news sources for Factiva, Samsung
is one of several companies in the country that has recently attempted to obtain proper licenses from financial authorities for a virtual asset exchange. See also: What are Pell grants? Biden student loan forgiveness includes $20,000 for Pell grant recipients

The report indicates that Samsung plans to launch its virtual currency company in the first half of 2023. Samsung is using Samsung Securities Co., Ltd.
a financial services company and subsidiary of the larger Samsung Group, to acquire the proper financial licenses for such a move. In addition to Samsung, six other South Korean companies are looking to get involved in crypto, and are working with the country’s financial regulators to make that happen, the report says. Another one of those companies is Mirae Asset Securities Co., Ltd.
one of the largest investment banking and stock brokerages in South Korea. Few other details about Samsung’s crypto platform are known yet, and representatives from Samsung were not immediately available for comment. See also: Sony is raising PS5 prices in most markets amid ‘high global inflation’ But it’s not the company’s first foray into cryptocurrency. Earlier this year, Samsung gave some of its popular Galaxy smartphones a blockchain wallet functionality to support virtual assets, including bitcoin
and ethereum
The latest news comes amid a turbulent time for crypto investors. Bitcoin was trading just above $21,000 as of Thursday morning, nearly 70% lower than its all-time high in November 2021, accordi …

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