Korean crypto bank partners with Blockdaemon to offer retail strike services

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

Delio’s strike services are expanding cryptobank’s existing offerings, including loans, deposits and deposit accounts, the company announced on Thursday. The new service offering is powered by blockchain infrastructure provider Blockdaemon, which offers a range of institutional staking products.

While Delio has not specified which crypto assets will be included in the new staking services, Blockdaemon currently supports integration with more than 60 blockchains. Delio representative James Jung also clarified that the company also plans to “provide a variety of crypto asset financial services to users outside of Korea.”

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Founded in 2017, Blockdaemon achieved unicorn status last year after raising $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 offering 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 large and important player in the global crypto arena. 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 TBEN, Korea’s financial watchdog is looking to expedite the review of 13 crypto-focused bills filed with the country’s National Assembly.

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