LG plans to launch an NFT platform powered by Hedera Hashgraph and is testing a cryptocurrency wallet in its latest move to embrace digital assets.
The South Korean conglomerate said Monday that it had joined the Hedera Governing Council, becoming the first major corporation from the country to do so.
LG also announced that it was working on an NFT platform that would use Hedera’s hashgraph technology. The platform is currently being tested internally and is expected to launch later this year.
In addition, LG said it was developing a cryptocurrency wallet that would be compatible with multiple digital currencies. The wallet is currently being tested by employees and is expected to be released globally later this year.
LG’s move into the digital asset space comes as major corporations and financial institutions around the world are increasingly embracing cryptocurrencies and blockchain technology.
Last week, Tesla announced that it had bought $1.5 billion worth of bitcoin and would start accepting the cryptocurrency as payment for its cars. The move sent the price of bitcoin soaring to new all-time highs.
Other companies that have embraced cryptocurrency include Square, which allows customers to buy and sell bitcoin through its Cash App, and PayPal, which allows customers to use bitcoin and other cryptocurrencies at millions of merchants worldwide.
Hedera Hashgraph is a distributed ledger technology that is similar to blockchain but is faster and more scalable. The platform is being developed by Hedera, a consortium of companies that includes IBM, Google, and Airbus.
LG’s announcement comes just days after Hedera launched its mainnet, which enables developers to build applications on the platform.LG’s entry into the digital asset space is a significant development for Hedera as it looks to gain traction among major corporations.
“The adoption of Hedera by a global technology leader like LG validates our belief that distributed ledger technology will play a pivotal role in the future of the internet,” said Mance Harmon, co-founder and CEO of Hedera. “We’re thrilled to welcome LG to the Hedera ecosystem and look forward to working together to help them realize the full potential of this transformative technology.”
Hedera’s mainnet launch has been met with some criticism, with some users claiming that the platform is centralized and lacks transparency.
LG’s move into the digital asset space comes as the company is seeking to diversify its business and reduce its dependence on the smartphone market.
Earlier this year, LG announced that it was exiting the smartphone business after years of struggling to compete against rivals such as Samsung and Apple. The company said it would focus on other areas of its business, such as electric vehicles, robotics, and artificial intelligence.
LG’s foray into the world of digital assets is part of its broader strategy to become a “digital life platform” company. In addition to its NFT platform and cryptocurrency wallet, LG is also working on a blockchain-based platform that would allow users to manage their digital identities.
LG’s entry into the digital asset space is the latest example of a major corporation embracing cryptocurrency and blockchain technology. As the industry matures, we can expect to see more companies explore these technologies and use them to power new applications and services.
With LG’s backing, Hedera Hashgraph is well positioned to become a major player in the digital asset space. The platform’s speed, scalability, and enterprise-grade features make it an attractive option for businesses looking to build applications on a blockchain platform.
Only time will tell if Hedera can live up to its hype and become the “next generation of the internet.” But with the support of major corporations like LG, it seems poised for success.