BlockBeats News, June 12, LG Electronics of South Korea has chosen Arbitrum as the underlying technology to launch a new blockchain network. The network will be designed specifically for the advertising and media industry, serving as a platform for ad placement, purchasing, selling, and management, as well as recording user interaction data with ads. It will provide an advertising inventory sharing database to enhance industry transparency and efficiency.

This marks another foray by LG into the blockchain field. Previously, LG has launched the enterprise-level Monachain, Wallypto wallet, and operated an NFT marketplace. The new chain, developed by LG's Blockchain Research Lab, has conducted a pilot test with a Japanese advertising company. It currently does not have a formal name and is expected to assess its commercial potential later this year.

According to HTX market data, ARB surged over 5% due to this announcement.