Samsung hopes to open a crypto exchange in Korea next year
Earlier this month, South Korean multinational Samsung announced that its brokerage arm was looking to set up a crypto exchange next year.
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This is not the first attempt. Last year, Samsung Securities tried to establish a crypto exchange but was plagued by several challenges, including a lack of local staff.
But now Samsung Securities said it is working on a licensing deal with the government and is also conducting a study to dive into the blockchain and crypto industry.
Samsung has waded into blockchain with full force in recent years. In January, it opened a store in the metaverse game Decentraland. The Smart TVs got NFT integration through a partnership with Nifty Gateway in May, and the Galaxy S22 Smartphone showcased a commemorative NFT to mark its release this year.
In early June, Samsung also launched Asia’s first global blockchain exchange-traded fund.
Meanwhile, Samsung Next, the brand’s venture capital arm, has poured investment money into high-profile NFT and crypto properties such as Axie Infinity, SuperRare, FTX and Bored Ape Yacht Club.
It is clear that Samsung and other companies in South Korea are increasingly embracing blockchain and the metaverse. Young, urban South Koreans tout an “out-of-the-box” culture, showing a penchant for contactless transactions. Clearly aware of this, the South Korean government plans to bring the metaverse to outdoor festivals next year.
Seoul’s newly elected mayor has a decade-long plan to tie together the metaverse and the urban experience. The South Korean capital is among the Economist’s top five most “digitally savvy cities,” and the city’s Vision 2030 plan has nearly $3 million earmarked for projects like “Metaverse Seoul.” Citizens will be able to reserve public facilities in the metaverse, take tours of Seoul on buses, and immerse themselves in cultural monuments built on the metaverse. The virtual reality would even allow citizens to buy souvenirs in the metaverse.
The Metaverse Seoul project is likely to run the city with a bill of nearly $34 million over a five-year period.
McKinsey data shows that the metaverse has raised $177 billion in investments around the world since last year. According to Citi, the metaverse will one day be valued at $8 trillion to $13 trillion.
