Samsung works on a crypto exchange in South Korea

Next year, Samsung Securities and other traditional brokerage firms will launch a crypto exchange.

Key Takeaways

  • Korean Financial Investment Association members Samsung and other companies are building crypto exchanges.
  • There is also involvement by Mirae Asset Securities, a major financial firm. No names have been released for the other participants.
  • These companies seem to be pursuing individual cryptocurrency goals along with the group effort.

The Samsung Group and Others Pursue Crypto Exchanges

A crypto exchange could be launched by Samsung and several others.

Several South Korean securities companies affiliated with the Korea Financial Investment Association are planning to establish a virtual asset company, according to a NewsPim report from August 22.

In the second half of 2022, these companies obtained financial authority licenses, and in the first half of 2023, they plan to establish a virtual currency company.

The exchange was created by Samsung Securities, a subsidiary of the South Korean multinational conglomerate Samsung.

A major South Korean investment banking and stock brokerage firm is also involved in Mirae Asset Securities.

These companies appear to be working on their own individual cryptocurrency goals as well.

According to NewsPim, the group-led exchange is “seeking not only business models but also independent businesses for each securities company.”

According to reports, Samsung Securities is conducting research to help it decide how to enter the blockchain business through security tokens.

The company attempted to develop and operate a security token platform last year but was unable to hire employees.

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