Samsung’s Investment Arm To List Hong Kong Blockchain ETF

Samsung’s recent partnership brings iwan the form of further losses in the adoption of blockchain technology. Samsung Assets Management Co., the investment arm of the South Korean conglomerate, is set to list an exchange-traded fund (ETF) that tracks blockchain companies in Hong Kong.

South Korean newspaper Korea Economic Daily (KED) reports that the exchange-traded fund is set to debut in the first half of 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 US-based ETF manager, is what is fueling Samsung’s Asian ETF push. Amplify owns several ETFs, including the Amplify Transformational Data Sharing (BLOK) ETF which invests at least 80% of its assets in shares of blockchain-related companies.

Some blockchain companies that make up the ETF portfolio include Silvergate Capital, Galaxy Digital Holdings, Coinbase Global, and the Chicago Mercantile Exchange (CME) Group. Some other Amplify products also track other digital device ETFs such as Purpose Bitcoin ETF and 3IQ CoinShares Bitcoin ETF.

With the $30 million deal, Samsung secured exclusive rights to supply Amplify’s ETF products in Asia. Samsung Assets’ ETF listing on the Hong Kong Stock Exchange (HKEX) will be rebranded to bear the company’s name, KED reported.

Samsung is all about digital currencies

The ETF listing is not the first step the South Korean giant is making into the blockchain and digital currency space. Samsung’s technology arm has piloted several new features for its products that incorporate digital currencies.

These include SSDs that produce its flagship blockchain-enabled cellphones, as well as a range of smart TVs that natively incorporate NFTs. The company also uses its blockchain platform, Nexledger, to power a local business loan acquisition service.

Similarly, the company confirmed in 2021 that its IT division is among the players providing support for CBDC efforts in South Korea. The company said it contained its assistance to the Bank of Korea on researching practical issues.

The tech giant also revealed plans to invest up to $10 billion to build a chip production facility in the US state of Texas, which is a hotbed of block reward mining equipment. Bitcoin.

According to Forbes, Samsung is among the top 50 blockchain companies in the world. The company ranks among others as Andreessen Horowitz, Adobe, Block, Digital Currency Group, Coinbase (NASDAQ: COIN), and Binance.

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