Big players in the technology business are becoming interested as the blockchain and cryptocurrency industries are growing rapidly. One such company is the South Korean electronics giant Samsung, which announced today the creation of a Bitcoin (BTC) exchange-traded fund (ETF) in Hong Kong.
Based on a statement by the Korean media outlet Fortune Korea posted on January 12, Samsung explicitly noted that the registration of the “Samsung Bitcoin Futures Active ETF” on the Hong Kong stock market should occur on January 13.
The registration, which followed the establishment of two other ETFs by the electronics giant - “Samsung Blockchain Technology ETF” and “Samsung Asia Pacific Metabus ETF,” that were officially launched last year - will be conducted by the business's financial division, Samsung Asset Management.
By trading in Bitcoin futures items listed on the Chicago Mercantile Exchange (CME), particularly the CME Bitcoin Futures and CME Micro-Bitcoin Futures, the newly-listed ETF will monitor the spot price of Bitcoin.
Samsung Asset Management Hong Kong's head, Park Seong-jin, commented on the progress by stating that:
“The Samsung Bitcoin ETF is a competitive product that reflects the know-how and risk management experience of Samsungs long-term operation of the futures-based ETFs, which will represent a new option for investors interested in Bitcoin.”
Crypto-related Interest
In the meantime, Samsung's involvement in Web3 technology is well known. The tech giant included a cryptocurrency wallet app within its top-of-the-line Samsung Galaxy S10 smartphone as early as 2019. This app allowed for the secure management of cryptocurrency assets and preservation via hardware-based processes.
The Knox Matrix monitoring system, which it unveiled for its mobile devices in October 2022, intends to increase the security of a multi-device environment by having each smart device observe the operation of others and share digital information, streamlining the logging-in procedure.
Additionally, earlier in June, Finbold noted that a South Korean company had started producing 3nm chips, which are consistent with particular integrated circuits (ASICs) machines recognized to be efficient for mining Bitcoin (BTC). PanSemi, a Chinese ASIC manufacturer, was the company's first customer.
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