Samsung, the South Korea-based global tech behemoth, may be part of a broader plan to launch a bitcoin and crypto exchange in the first half of 2023. A local media outlet reported on August 22 that Samsung Securities, a subsidiary of Samsung Futures, is one of seven South Korean companies considering opening a “virtual asset company” under a joint Korea Financial Investment Association plan. Mirae Asset Securities, South Korea’s largest investment banking and stock brokerage firm, is also apparently involved and plans to deal with various digital assets, including Bitcoin, Ether and non-fungible tokens (NFTs).
The Report Media outlet NewsPim indicates that Samsung is currently studying to determine the best way to enter the cryptocurrency exchange market after its attempt to develop a crypto trading platform in 2021 failed.
Meanwhile, the report sheds light on it Mirae Asset Securities, South Korea’s largest investment banking and stock brokerage company by market capitalization with assets under management of $648 billion (approx. Rs. 51,75,570 crore), plans to set up a subsidiary under its Mirae Consulting arm that will be tasked with running the exchange. . The firm is also looking to onboard technical staff who will focus on research and development of other blockchain-based asset classes such as Bitcoin and NFTs.
Once fully approved, the exchange is expected to debut in the first half of 2023.
The NewsPim report does not name any other participants in the group exchange effort. The Korea Financial Investment Association There are 59 members considered to be securities companies, any of whom may be involved.
Institutional interest from South Korean companies has increased following the recent election of Yun Suk-yeol to the country’s presidency. During his campaign trail, the new president promised to deregulate Bitcoin and the cryptocurrency market.