Samsung may launch its own crypto exchange in 2023

Recent news reports from South Korea have revealed that Samsung and six other firms want to launch their cryptocurrency exchange platforms in the first half of next year.

Samsung Securities – Samsung’s financial investment arm is reportedly in talks with local licensing bodies.

'Currently, discussions necessary for the establishment are being finalised,' said a spokesperson from one of the companies applying for the license.

This move would be the electronics giant’s second attempt at entering the crypto sector. 

The company had previously tried to set up its cryptocurrency exchange platform in 2021 but failed after it was unable to find suitable staffing to manage the project.

2021 was also the year that the Financial Services Commission of Korea (FSC) issued new regulations, which caused several crypto asset trading platforms to cease operations due to their inability to meet the new requirements.

Currently, Samsung Securities is said to be researching the blockchain sector, looking for the right opportunity to jump in, while it closely follows the space.

Earlier this month, Samsung Securities signed a partnership with South Korea’s largest cryptocurrency exchange platform, Bithumb. The partnership lets Samsung Securities users track their crypto investments via the Samsung app.

Besides its exchange platform endeavours, Samsung has also been active in the Web3 space.

At the beginning of the year, the company stamped its presence in the metaverse by opening a virtual store on the Decentraland platform.

In May, it also collaborated with the non-fungible token (NFT) marketplace Nifty Gateway to allow NFT compatibility on its latest line of Smart TVs. The functionality enables users to browse and purchase NFTs from their TVs.

Samsung Next, the firm’s investment arm, has also actively invested in Web3 projects. Some of its beneficiaries include the play-to-earn game Axie Infinity, Bored Ape Yacht Club NFT community, and the NFT platform SuperRare.

Photo: BBC