Samsung to create a cryptocurrency exchange in South Korea

Global tech giant Samsung and members of the Korea Investment Association have announced plans to establish a South Korean cryptocurrency exchange in 2023.

As it became known, Samsung representatives are working on the corporation’s development strategy in the web3 space and are considering various options for implementing blockchain technologies in their activities, including the launch of their own cryptocurrency exchange. Samsung and 7 South Korean financial companies will cooperate to create their own crypto exchange, and all processes will be controlled by the Korea Financial Investment Association. The exchange will be developed by Samsung Securities, a part of Samsung Corporation.

The developers of the exchange promised that users will be able to use the platform to invest in both cryptocurrencies and non-fungible tokens. They also plan to ensure maximum protection of digital assets of the exchange’s users from hacker attacks. It is worth noting that the need to create a South Korean crypto exchange arose due to the South Korean government’s plans to block citizens from accessing foreign exchanges that are not properly registered to operate in the country.

Samsung representatives are actively working on the company’s integration into the Web-3 space. In early June, Samsung launched its Discord server for users. All participants who joined Discord within 24 hours received an exclusive OG role. Also recently, it became known about the creation of Samsung’s NFT ecosystem, which will be called Galaxy NFT. The new platform will cooperate with Samsung’s virtual space Space Tycoon in the Roblox metaverse.