Samsung’s recent partnership is paying off iwan the form of making more inroads into blockchain technology adoption. Samsung Assets Management Co., the investment arm of the South Korean conglomerate is set to list an exchange traded fund (ETF) that tracks blockchain firms in Hong Kong.
South Korean online casino floridas outlet Korea Economic Daily (KED) that the exchange-traded fund is scheduled to debut in H1 2022, and will be the first ETF in Asia to track digital currency and blockchain technology companies.
According to the report, Samsung Assets’ recent acquisition of a 20% stake in Amplify Holding Company LLC, a U.S.-based ETF manager, is what is powering Samsung’s Asian ETF push. Amplify has several ETFs including the Amplify Transformational Data Sharing ETF (BLOK) which invests at least 80% of its assets in the shares of blockchain-related companies.
Some of the blockchain companies that make up the ETFs portfolio include Silvergate Capital, Galaxy Digital Holdings, Coinbase Global, and the Chicago Mercantile Exchange (CME) Group. Some other Amplify products also track other digital currency ETFs such as Purpose Bitcoin ETF and 3IQ CoinShares Bitcoin ETF.
With the $30 million deal, Samsung secured exclusivity rights to provide Amplify’s ETF products in Asia. Samsung Assets’ ETF listing on the Hong Kong Exchange (HKEX) will be rebranded to bear the company’s name, KED reported.
Samsung is skin-deep in digital currencies
The ETF listing is not the first move the South Korean giant is making into the blockchain and digital currency space. The tech arm of Samsung has piloted several online casino florida features for its products that integrate digital currencies.
These include SSDs that make its flagship mobile phones blockchain compatible, as well as a lineup of smart TVs that integrate NFTs natively. The company has also been using its blockchain platform, Nexledger, to power a local loan acquisition service for enterprises.
Similarly, the company confirmed in 2021 that its IT division is part of the participants providing support for the CBDC efforts in South Korea. The company said it would focus its assistance to the Bank of Korea on researching practical issues.
The tech giant also revealed plans to invest up to $10 billion in building a chip-producing plant in the U.S. state of Texas which is a hotbed of Bitcoin block reward mining outfits.
According to , Samsung is among the 50 biggest blockchain companies in the world. The company ranks among others like Andreessen Horowitz, Adobe, Block, Digital Currency Group, Coinbase (NASDAQ: ), and Binance.
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