Samsung to launch its own crypto exchange

South Korean company Samsung may create its own crypto exchange. The representatives of the company said that the management is now considering this issue closely.

Last year, Samsung tried to launch a crypto exchange, but the attempt failed, as the company did not manage to hire the specialists to run the new project.

However, Samsung intends to start its development in a new market. Samsung Securities has already applied for a licence to create a crypto exchange. If the regulator approves the application, the company may obtain a licence in the second half of 2022. So, Samsung may launch the exchange already in the first half of 2023.

In addition to Samsung, seven other large South Korean companies have also applied for a licence, and a large broker Mirae Asset Securities is among them. Samsung Securities wants to launch a traditional crypto exchange. Other companies intend to develop in other areas of the crypto industry. Mirae Asset Securities is considering launching an NFT trading platform.

Now only four crypto exchanges are officially operating in South Korea. These are Bithumb, Coinone, Upbit and Korbit. At the same time, the country’s regulator intends to exert greater control over the crypto market.

Earlier this month, Samsung Securities became a partner of the largest South Korean crypto exchange Bithumb. The company also announced an interactive world created on the Roblox platform. According to the company’s representatives, Samsung wants to introduce young people to its history and products this way.

Samsung also is interested in the NFT market. At the beginning of the year, the company announced the release of TVs with an NFT marketplace. Samsung Blockchain Wallet was added into Galaxy series smartphones with Android 9.0 and higher.