Delio launches Korea’s first crypto bank

Delio, the first provider of virtual asset services (VASP) in Korea, has launched the country’s first cryptocurrency bank, which offers money market deposit accounts (MMDA) that enable crypto deposits and withdrawals at any time, according to a blog post on Thursday (July 7).

As a crypto bank, Delio offers services similar to a traditional financial institution (FI), but for cryptocurrencies, including deposits, loans, asset transactions and withdrawals, the post states. A number of cryptocurrency services are also offered, including savings, lending, asset management, payment and non-fungible tokens (NFT).

Delio offers daily composite revenue regardless of the performance of storing bitcoin, ethereum and Ripple, according to the post.

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Plans are underway to open the Gangnam Private Banking Center, a physical branch in Seoul’s Gangnam district, the center of Korea’s crypto industry. Branches in Gwanghwamun and elsewhere are also being considered, the post states.

Delio also expects to become a Web3 company by creating and expanding its range of “crypto-financial businesses”, according to the post.

“In this connection, a number of preventive investments are underway, such as the acquisition of KOSDAQ-listed companies and mass recruitment of blockchain developers,” the post said.

Founded in 2018 by CEO James Jung, Delio has been authorized by the Financial Services Commission of Korea and the United States as a digital asset financing company. The company has subsidiaries in Korea, the United States and the British Virgin Islands to offer crypto services internationally.

In the United States, the number of active cryptocurrency users in Bank of America has halved due to the long route in the market.

Read more: Bank of America has lost half of its active cryptocurrencies

As of May, Bank of America had less than 500,000 cryptocurrencies. In November last year, it had over 1 million. The first increase came when bitcoin and some other tokens reached record highs, but things have changed dramatically.