S.Korea Takes Another Step Into Web3.0 With Samsung Launching Crypto Exchange

South Korean multinational manufacturing conglomerate, Samsung, is planning to launch its own Cryptocurrency Exchange.

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Samsung Securities among several others filed paperwork to seek preliminary approval to establish a crypto exchange in South Korea.

Image Credit: Nikkei Asia

If successful, the companies will obtain their digital asset licenses from financial authorities in the late half of 2022 and most likely see the exchange up and running by the first half of 2023.

Samsung Securities is reportedly conducting a study to figure out the best way to enter the cryptocurrency exchange market after its failed attempt to develop a crypto trading platform back in 2021.

Image Credit: Mirae Asset

Another firm that is seeking preliminary approval is Mirae Asset Securities. With over US$648 billion in assets under management, it is the largest investment by market cap in South Korea.

It is reportedly planning to establish a subsidiary under its consulting arm to operate the crypto exchange. It is currently onboarding talents to research and develop Bitcoin and other blockchain-based platforms, including NFTs.

Without a doubt, operating a centralised cryptocurrency exchange (CEX) is one of the most lucrative businesses out there and every firm would want a piece of it.

Also Read: Regulations Are Becoming Problematic – FTX Freezes Account Using Aztec Network

[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]

Featured Image Credit: CNBC