Delio Launches Korea’s First Crypto Bank

Delio, Korea’s first Virtual Asset Service Provider (VASP), has launched the country’s first cryptocurrency bank, offering Money Market Deposit Accounts (MMDAs) that allow the deposit and withdrawal of crypto at any time, according to a Thursday, July 7, blog post.

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

Delio offers daily compound earnings regardless of performance when storing bitcoin, ethereum and Ripple, according to the post.

See also: Voyager Digital Bankruptcy hints at the shaky foundations of Crypto

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 other locations are also being considered, the post said.

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

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

Founded in 2018 by CEO James Jung, Delio has been licensed by the Financial Services Commission of Korea and the United States as a digital asset finance 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 at Bank of America has been cut in half due to the prolonged market rout.

Read more: Bank of America has lost half of its active crypto users

In May, Bank of America had less than 500,000 crypto users. In November last year, it had more than a million. This initial surge came as bitcoin and some other tokens were hitting all-time highs, but things have changed drastically.

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