Delio, a finance company with a focus on cryptocurrencies, has teamed up with Blockdaemon to introduce retail-focused staking services, giving users a more practical way to receive rewards for their digital assets.
The new staking services would offer interaction with over 60 blockchains, though Delio did not specify which digital assets will be supported. The startup also intends to “provide a variety of crypto asset financial services for people outside of Korea,” according to Delio spokesperson James Jung.
The company said on Thursday that Delio’s staking services augment the existing crypto bank operations, which already include lending, deposits, and deposit accounts. Blockdaemon, a provider of blockchain infrastructure and a range of institutional staking products, is supporting the new service offering.
Blockdaemon, which was founded in 2017, became a unicorn last year after obtaining $155 million in a Series B fundraising round. A startup that receives a valuation of $1 billion or more is considered a unicorn in the startup sector. Blockdaemon was valued at just over $1.25 billion at the time.
Korea continues to be a significant and significant player in the global cryptocurrency industry despite the market unrest and controversy surrounding the collapse of the Terra ecosystem. As a result, President Yoon Suk-yeol, who took office in May, has chosen a supportive stance toward the regulation of digital assets in the nation. According to Cointelegraph, Korea’s financial watchdog wants to hasten the evaluation of 13 cryptocurrency-related proposals that have been submitted to the National Assembly of the nation.
Following the acquisition of a Virtual Asset Service Provider (VASP) licence from the Korean Financial Intelligence Unit, Delio appears to be increasing its selection of crypto-finance products. Delio asserts that it is the first South Korean cryptocurrency business to be granted a VASP for loan and deposit services.
- Blockdaemon and a Korean cryptocurrency bank collaborate to provide services for retail staking
- Check all news and articles from the latest Business news updates.