Samsung is exploring crypto alternatives and may soon venture into its own Samsung crypto exchange.
Samsung's foray into the cryptocurrency domain was earlier limited to the investments that the platform had staked in multiple crypto startups alongside central firms like Google and Blackrock.
Once launched, Samsung may soon compete with industry-leading giants Coinbase and Binance, alongside FTX and Huobi.
Samsung Securities to launch its own crypto exchange
Per the local news outlet NewsPim, seven South Korean giants are exploring ways to launch crypto-related services in the region.
The enterprises are primarily focusing on launching virtual crypto exchanges and have also filed related paperwork for the same.
According to Newspim, Mirae associates and Samsung Securities alongside five other firms have filed for preliminary paperwork to launch establishments to run virtual crypto exchanges.
According to the local outlet, Samsung Securities tried to find a team to take charge and operate the platform and development, but were unsuccessful.
South Korea has become a focus among the cryptocurrency community in the aftermath of the Terra Luna Crash. Korean authorities have been under pressure to place further scrutiny on crypto companies in the region, to avoid similar situations.
Samsung crypto exchange release date speculation
According to Newspim, Samsung Securities filed for preliminary paperwork to launch establishments to run its virtual crypto exchanges. However, that is it, which doesn't tell us much.
The local news outlet further highlighted that Samsung's new virtual crypto exchange could soon be available, perhaps as early as the first half of 2023.
However, this remains pure speculation, with Samsung Securities yet to comment or acknowledge. Once a fixed date is announced, we'll let you know.