Samsung's investment arm is looking to launch Asia's first cryptocurrency and blockchain ETF on the Hong Kong Stock Exchange.
Samsung Asset Management, the investment arm of electronics multinational Samsung Electronics and Korea's leading investment services provider, is preparing to launch the first cryptocurrency and blockchain-related exchange-traded fund (ETF) in Asia.
The company, with more than $233.000 billion in assets under management (AUM), said it This ETF will track several of the most important cryptocurrencies in the industry, and the actions of the main companies related to the blockchain world.
Samsung's new crypto ETF could begin trading on the Hong Kong Stock Exchange in the first half of this year, the company said, opening the door for new capital to flow into the crypto industry.
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Asia's first crypto ETF on the Hong Kong Stock Exchange
The cryptocurrency ETF that Samsung plans to launch on the Hong Kong stock exchange seeks to reproduce the “Amplify Transformational Data Sharing ETF (BLOK)”, from the investment company Amplify Holding, created to offer indirect exposure to cryptocurrencies and companies related to blockchain technology, such as MicroStrategy, SBI Holdings, Coinbase, Nvidia, Galaxy Digital, among others.
Earlier this month, Samsung acquired a 20% stake in Amplify Holding, to strengthen its global expansion strategy and ensure the provision of exclusive Amplify products in the Asian market.
Although China has banned cryptocurrencies and any type of commercial activity involving them, Hong Kong is a special administrative region, which allows it a high degree of autonomy in different areas.
Samsung, cryptocurrencies, NFTs and Metaverse
In addition to cryptocurrencies, Samsung has also entered the world of NFT tokens and the Metaverse. This month, the electronics multinational partnered with the NFT marketplace Nifty Gateway to integrate non-fungible tokens into its smart TVs.
The company also partnered with blockchain metaverse Decentraland, built on Ethereum, to launch an immersive world called 837X, where it virtually introduced its new Galaxy S22, S22+, S22 Ultra, and Galaxy Tab S8 series devices to its customers. At the time, Samsung noted that its goal was to merge its innovations with the new culture of the Metaverse, to offer its customers and consumers new interactive experiences.
In February, the electronics multinational announced that it had integrated a new digital wallet into its Galaxy devices, allowing users to access and explore more complex digital products and services.
Among the most notable features of this new digital wallet, Samsung pointed out the storage of digital documents, home access keys and cryptocurrencies, among other things.
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