Big Electronic Company-LG Allegedly Working on Secret Crypto Project
According to a recent report, South Korea based leading electronics organization-LG is testing a crypto token that they created in a behind-doors pilot venture.
News source ET News claims unknown sources have revealed details of the project, a blockchain technology powered token appears just like digital money that employees at the organization’s 1.1 million sqm, USD 3.7 billion research center, the LG Science Park in Seoul, are supposedly now utilizing to pay at stores and eateries inside the complex through a Smartphone application.
As per an insider saying in a recent report, The LG Science Park venture is being directed to affirm that there is no issue in utilizing the coin for settlement purposes. A financial organization has another source that revealed that they suppose to be close this project while expressing, “We know that the LG Group is thinking about growing its blockchain-related business interests.”
News source ET News says it is almost certain that LG CNS, the IT services source of the group has been accused of blockchain business developments so far and they will hope to join with native South Korean experts who are planning to launch stable coin digital fiat ventures. They could collaborate with leading banks as part of its endeavors.
Recently, LG CNS ventured its very own Mona chain blockchain system and in June cracked a deal with the Korean Minting and Security Printing Corporation to issue native government sanctioned digital presents on its system. Also, they grab a deal with Coinplug, a firm that is said to have the biggest number of blockchain technology patents (licenses) in the nation.
The news source also revealed that LG CNS is likely thinking of the LG Science Park pilot venture in association with KB Bank and more extensive blockchain-related endeavors could be applied to a wide variety of LG Group partners, including its display business associations with Phillips. They also express that LG Electronics and LG CNS delegates declined to verify or refute the presence of the pilot.