Arbitrum 's ARB Token has surged over 7% in the past 24 hours following news that LG Electronics is building a new blockchain based on Arbitrum's infrastructure. The project is geared towards serving the digital advertising and media industries, marking a new step in the South Korean tech conglomerate's blockchain strategy.
According to sources, the new blockchain will support the buying, selling, management, and tracking of advertising in an on-chain environment. The system will also record interaction data between users and advertisements, and provide a common database for advertisers and publishers. LG expects blockchain technology to help increase transparency, reduce fraud, and improve operational efficiency in the digital advertising industry.
This isn't LG's first foray into the blockchain field. Previously, the conglomerate developed the Monachain enterprise platform, launched the Wallypto cryptocurrency wallet, and participated in digital asset trials with the Bank of Korea. In 2024, LG also shut down its Art Lab Non-Fungible Token platform following a downturn in the Non-Fungible Token market.
The new blockchain, whose official name has not yet been announced, is being developed by LG's blockchain research lab. The project has been tested with an advertising partner in Japan before moving on to wider deployment.
