It is not new for IT behemoths like Google (NASDAQ:GOOGL) and Samsung (F:SAMEq) to be interested in blockchain technology. There are just too many potential applications for this field to be ignored.
But up until recently, established businesses have been willing to finance startups. However, several significant South Korean organizations, including Samsung, reportedly seek to create their own cryptocurrency exchanges, according to the South Korean news agency NewsPim.
Since applications for authorisation have been submitted to the relevant authorities for a considerable amount of time, many projects are already well along. To assure the creation and use of such a platform, the paper claims that it is challenging to recruit the appropriate specialist employees. However, there is speculation that Samsung Securities may do so as early as the first half of 2023 to announce the introduction of its own cryptocurrency.
If corporations with a long history in the industry are entering it, it doesn’t seem good for cryptocurrency exchanges like Binance, FTX, Coinbase (NASDAQ:COIN), and Huobi. In spite of the fact that the bitcoin industry has suffered significant confidence erosion over the past several months, Samsung & Co. should swiftly seize market share with a strong lead in confidence.
