LG Electronics, a South Korean multinational electronics company, has set new business arms focused on cryptocurrencies and blockchain as the company is trying to find new revenue sources, the Korea JoongAng Daily reports.
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The new arm, which reportedly was approved during the shareholders meeting on Thursday, will develop and sell blockchain-based software and provide cryptocurrency brokerage services. A spokesperson for LG told the media the company has not made any decision regarding the new arm and "just mentioned business areas in a broad manner."
The move comes as the Korean tech giant is seeking new sources of revenue after it abandoned unprofitable businesses. In February, LG stopped manufacturing solar panels — which the company started back in 2010 — due to heavy competition with Chinese suppliers. Last year, the company pulled out of money-losing smartphone business after suffering operating losses since 2015.
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