Samsung Working on South Korean Crypto Exchange

Samsung Securities is now looking forward to start up a crypto exchange in the first six months of next year, 2023. Securing licensing is said to be in the advanced stages. One of the companies applying for the license told the NewsPim that the discussions that are necessary for building up the establishment are currently being finalized. Aside from that, a report stated that Samsung Securities is currently researching the best ways to enter blockchain-based businesses.

Samsung Securities attempted to headhunt for individuals who can take charge of a crypto trading platform and develop blockchain smart contracts last year. The investment firm failed to find people to fill in the positions, but is reportedly conducting studies on how to venture into the crypto assets exchange business.

Due to a lack of professionals to run the exchange, the previous attempts were interrupted last year. Samsung Securities, one of South Korea’s top three financial institutions, has partnered up with Bithumb, the world’s largest exchange. Customers of Samsung Securities can check the status of their investments in crypto with Samsung’s new app.