South Korean electronics manufacturing firm LG Corporation is rumored to be developing a new smartphone that will rival the blockchain-friendly products being produced by competitors like Samsung. 

LG Corporation’s Blockchain Smartphone

According to a report by local media outlet IT Chosun, LG has already completed market research into blockchain companies and decentralized applications.

IT Chosun cites an anonymous industry source familiar with the company as saying that LG is looking to keep pace with rival South Korean electronics manufacturer Samsung, who has already embraced crypto-friendly smartphones. 

The source said, “LG is likely to respond to Samsung’s innovation initiative,” with another anonymous insider contributing that LG Group has been “struggling to apply blockchain to smartphones without any dissimilarity.”

Earlier in the year Samsung announced crypto wallet support and applications for its popular Galaxy S10 line of smartphones. Just last week, the mobile phone manufacturer partnered with messaging giant Kakao to launch a special edition Galaxy Note 10 called the “KlatynPhone” that has built-in wallet and blockchain application support. The limited-edition phone is only available in South Korea and costs more than $1,000.

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