Korean cryptocurrency bank collaborates with Blockdaemon to provide retail staking

The Korean Financial Intelligence Unit gave Virtual Asset Service Providers accreditation to Delio in January.

Delio, a cryptocurrency-focused financial firm, has collaborated with Blockdaemon to develop retail-focused staking services, providing clients with a more streamlined approach to receiving rewards on their digital asset holdings.

Thursday, Delio announced the addition of staking services to its current crypto-bank capabilities, which include loans, deposits, and deposit accounts. The new service offering is supported by Blockdaemon, a blockchain infrastructure company that offers an array of institutional staking solutions.

Blockdaemon presently allows interaction with over 60 blockchains, however, Delio did not indicate which crypto assets would be included in the new staking services. James Jung, a spokesman for Delio, stressed that the company also intends to “provide a range of crypto asset financial services to people outside of Korea.”

Blockdaemon, which was founded in 2017, attained unicorn status in 2018 after receiving $155 million in Series B investment. In the startup industry, a unicorn is a firm with a value of at least $1 billion. Blockdaemon was valued at a little over $1.25 billion at the time.

Having obtained a Virtual Asset Service Provider (VASP) license from the Korean Financial Intelligence Unit, Delio looks to be extending its crypto-finance products. Delio claims that it is the first cryptocurrency firm in South Korea to get a VASP for loan and deposit services.

Despite market volatility and controversy surrounding the demise of the Terra ecosystem, Korea continues to be a major participant in the global cryptocurrency industry. As a result, President Yoon Suk-yeol, who assumed office in May of this year, has taken a positive stance on digital asset legislation in the nation. According to Cointelegraph, Korea’s financial authority intends to speed the evaluation of thirteen crypto-related proposals sent to the country’s National Assembly.

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