With cryptocurrencies gaining pace in the modern financial world, technology giants have started playing their ‘Big Bets’ on the virtual currency market.
Recently, Samsung made headlines when it unveiled its highly anticipated blockchain-focused mobile phone named as KlaytnPhone. The most recent buzz hovering the crypto market is the possibility of LG planning to launch a blockchain-branded smartphone to give competition to its rival firm.
Based on the report of popular daily, Chosun, the South Korean technology giant, LG is adamant about entering the blockchain space in competition to Samsung. The news was also confirmed by Kakao’s Ground X subsidiary a few days back.
LG is most “likely” to launch its blockchain-powered mobile phone in the near future. This became quite evident when the firm entered into talks with dApp developers for the collaborations. Chosun, in its news article, read: “LG is likely to respond to Samsung’s [Klaytn phone] initiative.”
Where a majority of experts are confident about LG coming up with its blockchain-based smartphone, some still feel that the tech giant will explore another advanced innovation to attract customers. The news article quoted a statement of an anonymous insider saying that Samsung, which already owns a crypto wallet and a dApps marketplace, makes it unprecedentedly more lucrative option for the blockchain enthusiasts.
It is not for the first time that LG’s name is being associated with the virtual currency arena. The popular electronics brand has been an active participant in an array of blockchain-exploring businesses.
The firm has been working in collaboration with the reputed bank, KB on a token, profoundly, a cryptocurrency or a stablecoin. It has also launched its Monachain blockchain platform to exploit the digital space. The firm also is planning to give its input on a blockchain-powered school lunches project which will work in close contact with farmers and schools.
Earlier this year, LG filed a patent for a cryptocurrency wallet for smartphones in the United States. It is also a member of Ground X’s Klaytn governance council.
About Samsung’s KlaytnPhone:
Samsung, the world’s largest smartphone provider, is all set to come up with a new variant of its Galaxy Note 10 which will be powered with blockchain technology. The reports suggest that the new smartphone will only be available in South Korea and will be marketed as “KlaytnPhone” named after the blockchain arm of the messaging firm, Kakao.
KlaytnPhone will be studded with a crypto wallet and built-in blockchain apps. It will also surprise users by giving them an undisclosed amount of Kakao’s crypto coin, Klay.