Samsung is considering launching a cryptocurrency exchange in the first half of 2023 through its financial arm Samsung Securities. With that in mind, the giant has joined forces with six other South Korean financial players.
Samsung soon in the cryptocurrency market? This hypothesis is gaining momentum after the discovery of the South Korean media NewsPim, indicating that the group is considering launching a cryptocurrency exchange platform in the first half of 2023 through its financial arm Samsung Securities. In this regard, the company has joined forces with six other South Korean financial players, including Mirae Asset Securities, the country’s largest investment bank, which plans to create a subsidiary to manage digital assets such as bitcoin, ethereum and NFTs.
In a sign that the project is already well advanced, Samsung and other companies involved in it have applied for approval to South Korean financial regulators. “Discussions necessary for the realization of the project are currently being completed”said a source familiar with the matter NewsPim.
South Korea is now led by a pro-crypto president
The imminent arrival of Samsung in the cryptocurrency market is no coincidence. And for good reason, in March South Korea elected a cryptocurrency-friendly president, Yoon Suk-yeol, who is pushing for deregulation of the sector. In this context, Samsung has every chance to become a major player in this booming market, which, however, has been facing severe turbulence for several months.
With its financial power, Samsung could eventually become a serious competitor for platforms like Coinbase and Binance. A sign that the South Korean giant has been eyeing the cryptocurrency market for several years, in 2019 it launched the Samsung Blockchain Wallet, a digital wallet that allows you to store cryptocurrencies on your smartphone, to coincide with the release of the Galaxy S10 range. This service was integrated into the Samsung Wallet app this year, which allows you to store your passwords, means of payment, digital keys (connected home, car, etc.) or even loyalty cards, in addition to crypto-assets. However, the South Korean conglomerate therefore decided to accelerate, taking advantage of more flexible local legislation for the sector.
