Electronics Giant LG and Unicorn Might Launch Crypto Businesses

Adoption Exchange South Korea Trading Wallet

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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June 25, 2023

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East Asia’s cryptocurrency scene could soon welcome two new big-hitting players – in the form of South Korean mobile finance provider Toss and electronics giant LG.

Per a report from Newsway, Toss is one of three mobile finance companies hoping to win approval for securities trading from the South Korean regulatory Financial Services Commission (FSC). The Toss app has some 12 million active users, and last year the company hit unicorn status, raising some USD 80 million in investment for a valuation of USD 1.2 billion. The company’s financial backers include the likes of PayPal and VC companies in the United States and South Korea.

The report states that should Toss gain FSC approval, it is “highly likely” the company will then move into “areas including cryptocurrency investment.”

Toss submitted its application to the FSC on May 30, and the regulator will reveal its decision by the end of July. The other two companies seeking to win FSC approval for securities trading are Korea Foss Securities and the Kakao Group’s KakaoPay subsidiary. The latter is a member of the Ground X Klaytn governance council, and the entire Kakao Group is known to be keen on both blockchain technology and cryptocurrency-based business.

Meanwhile, per a filing registered with the United States Patent and Trademark Office, LG Electronics has applied for a patent for what it calls the ThinkQ Wallet. The company already has a large range of IoT-compatible products, smartphones, apps and services in its expanding ThinQ range. Per the filing, LG’s most recently added goods and services included on its wallet application include:

• Mobile electronic wallet for cryptocurrency
• Issuance of cyber money
• Providing multiple payment options by means of customer-operated electronic terminals available on-site in retail stores
• Electronic bill payment services

Yesterday, Cryptonews.com reported that Samsung’s own blockchain wallet will see a range of new dapps made available to users of the company’s Galaxy S10 smartphones.

And Chosun reports that the LG Group’s IT services arm, LG CNS, has revealed that it will integrate blockchain technology in its existing food distribution network. The company will use its own blockchain platform, Monachain, and will conduct its operations in conjunction with South Korean blockchain startup SayIT.

As previously reported, LG is working with KB Bank on a payment platform that appears to involve an LG token of some sort.