$ADA: South Korea’s ‘crypto bank’ set to list Cardano and launch staking service

Delio, which claims to be South Korea’s first cryptocurrency bank, is reportedly set to list Cardano’s $ADA token and plans to launch a staking service for it.

On July 7, 2022, Finextra reported that Delio had “launched the country’s first cryptocurrency bank, offering a Money Market Deposit Account (MMDA) that allows the deposit and withdrawal of crypto at any time.” The report also mentioned that Delio, which was founded in 2018, already offered “a multitude of crypto-related services” but had recently obtained “a Virtual Asset Service Provider (VASP) certificate” to enable it to ” move into areas such as depots”. , loans and asset transactions.

He went on to say:

The MMDA account allows deposit and withdrawal of crypto assets at any time and offers daily compound income regardless of performance when storing Bitcoin, Ethereum and Ripple. Delio is also opening a branch offering things like a “business lounge” and a “crypto academy” in Seoul’s Gangnam district, the center of Korea’s crypto industry.

According to a report by CryptoPotato earlier today, “Delio is set to list five new digital assets and launch a staking service.”

The report went on to say that Delio had already listed $SOL, $DOT, and $XTZ. Apparently, $ADA and $KSM are set to list on November 4, 2022 and November 8, 2022 respectively.

The report added:

Notably, Delio is the first and only crypto bank in South Korea to provide money market deposit account-backed service and web 3.0 entity in crypto and blockchain financial services with government licenses such as MSB, VASP and ISMS.

The services apply various digital asset financial services, including saving, lending, trading and withdrawing funds from commercial banks, by converting them into digital assets. In addition, Delio offers a 3% annual compound interest rate for Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP), which are recognized as a new investment strategy in the interest rate era. students.

On September 22, 2022, Cointelegraph reported that “Crypto-focused finance company Delio has partnered with Blockdaemon to launch retail-focused staking services, giving customers a more seamless way to earn rewards on their digital assets”.