LG's subsidiary company LG CNS will be helping one of South Korea’s largest cryptocurrency exchanges Bithumb create an NFT marketplace.
LG CNS has been operating since 1987, with a strict focus on creating IT solutions for large businesses. With Bithumb having a tech giant such as LG by its side, the NFT marketplace is expected to be launched sometime in 2022.
According to a January 13th report, the CEO of Bithumb Baek-Young Heo unveiled that the NFT marketplace is already in motion. However, he didn’t go into much detail about what stage the project is in right now.
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Likewise, there has been speculation that LG CNS is working with several other companies on developing blockchain technologies for the Bithumb crypto exchange. Based on an interview with a local news agency in South Korea, an official at Bithumb was quite vague when speaking about the collaboration with LG, stating:
"It is true that we have been preparing for an NFT exchange… but it is impossible to confirm whether LG CNS is single or is in discussion with multiple companies."
The move towards NFTs by Bithumb will be a way to catch up with other crypto exchanges like Binance, and closest competitors in South Korea such as Upbit and Korbit who have already integrated NFT trading into their platforms.
