LG, another mobile manufacturer working on a cryptocurrency project

The South Korean electronics company LG is running a test related to a digital token it has developed in a secret cryptocurrency project.

Secret cryptocurrency project

ETNews says, based on anonymous sources, they have informations regarding a new project. This project is a “cryptocurrency – type” token that the blockchain technology has optimized. The company using the new technology at the firm’s 1.1 million sqm, $3.7 billion research center. This huge complex, the LG Science Park is located in Seoul. Employees are paying now via a smartphone app at stores and restaurants within the complex.

“The LG Science Park project is being conducted to confirm that there is no problem in using the coin for settlement purposes”. Based on an unnamed industry insider.

Referring to another source at a financial institution close to the project. They said: “We know that the LG Group is considering expanding its blockchain-related business interests.”

macbook with external screen turned on for cryptocurrency project

ETNews says it is “highly likely” that LG CNS, has been linked with blockchain-related developments. The segment will create a partnership with South Korean authorities. The main goal with the cooperation is to launch “stablecoin” digital fiat projects. And also might partner with bigger banks as part of its efforts.

LG CNS launched earlier this year its own Monachain blockchain platform. In June, the firm made a deal with the Korea Minting and Security Printing Corporation to issue local government-issued digital gift certificates on its network. The company also has a deal with Coinplug, which have the most of blockchain technology patents in the country.

Partnership

The page also mentioned that LG CNS is likely helping the LG Science Park pilot project, with KB Bank also participating. Also bigger blockchain-related efforts could be applied to a wide range of LG Group members. For example its display business partnerships with Phillips.

The same source mentioned that LG Electronics and CNS didn’t confirmed deny the existence of the pilot.

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