Korean Crypto Bank Partners with Blockdaemon to Offer Retail Staking Services

Crypto-focused financial firm Delio has partnered with Blockdaemon to launch retail-focused staking services, giving customers a more seamless way to earn rewards on their digital assets.

Delio’s staking services expand its existing crypto banking offerings, which include loans, deposits and custodial accounts, the company announced Thursday. The new service offering is powered by blockchain infrastructure provider Blockdaemon, which provides a suite of institutional staking products.

Although Delio did not specify which crypto assets will be included in the new staking services, Blockdaemon currently supports integration with over 60 blockchains. Delio representative James Jung also clarified that the company also plans “to offer a variety of crypto asset financial services for users outside of Korea.”

Founded in 2017, Blockdaemon achieved unicorn status last year after securing $155 million in a Series B funding round. In the startup world, a unicorn is a company that achieves a valuation of 1 billion or more. At the time, Blockdaemon was valued at just over $1.25 billion.

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Meanwhile, Delio appears to be expanding its crypto-finance offerings after receiving a Virtual Asset Service Provider (VASP) license from the Korean Financial Intelligence Unit. Delio claims to be the first crypto company in South Korea to obtain a VASP for lending and deposit services.

Despite the market turmoil and controversy surrounding the collapse of the Terra ecosystem, Korea remains a big and important player in the global crypto scene. As such, President Yoon Suk-yeol, who took office last May, has taken a favorable approach to the regulation of digital assets in the country. As reported by Cointelegraph, Korea’s financial watchdog is seeking to expedite the review of 13 crypto-focused bills tabled in the country’s National Assembly.