Korean Bithumb Exchange to Launch NFT Marketplace

Rumors abound that LG CNS, a subsidiary of LG, is assisting Bithumb in developing its NFT marketplace, which is expected to start in 2022.

Bithumb, a South Korean crypto exchange, is working on an NFT marketplace with “a significant corporation,” which is presumed to be LG CNS, an LG Corporation subsidiary.

In a Jan. 13 interview, Bithumb CEO Heo Baek-young stated that the exchange was working on a nonfungible token (NFT) exchange, which would help it compete with Korbit and Upbit, two prominent local Korean exchanges. Heo stated,

“An NFT marketplace will be crucial in promoting blockchain-based content, which will become a driving force in the future.”

The identity of the content providers or artists who have consented to release material in NFT format for Bithumb has yet to be confirmed.

Several South Korean news agencies stated that the NFT marketplace is being built in partnership with LG CNS. However, a Bithumb official remarked on Jan. 17 that “it is hard to confirm whether it is LG CNS and whether it is simply them or a collection of enterprises.”