It’s been just revealed that Samsung plans to launch a crypto exchange. Check out the latest reports below.
Samsung to launch crypto exchange
According to the latest reports coming from media outlet Newspim, Samsung Securities attempted to headhunt for individuals who can take charge of a crypto trading platform and develop blockchain smart contracts last year.
The investment firm failed to find people to fill in the positions, but is reportedly conducting studies on how to venture into the crypto assets exchange business.
According to the report, Samsung Securities and six other large domestic securities companies are now seeking the approval of financial authorities to establish their virtual asset exchange by the first half of 2023. The firms are also currently in the process of acquiring their license.
As the online publication the Daily Hodl notes, an unnamed official from one of the securities firms says that discussions are already being finalized internally.
“Concrete details may be made after the government announces in the fourth quarter of this year the contents of virtual asset-related legal provisions and deregulation, etc.”
Bitcoin in the news
The crypto market is suffering a correction these days. Check out the latest reports about the price of Bitcoin.
It’s been revealed that a leading digital assets manager says that the recent trend of Bitcoin (BTC) investors holding for the long term reveals two key insights.
In the latest Digital Asset Fund Flows Weekly report, CoinShares highlighted the way in which in contrast to previous Bitcoin four-year cycles where investors moved their BTC onto exchanges to take profits, the “class of 2017” sold less in 2021 than expected.
“In both the 2013 and 2017 bull periods, large positive net inflows have coincided with decreasing Bitcoin price levels (and decreasing average coin age), suggesting that many longtime Bitcoin owners took profits during the cyclical upturn.”
