South Korea remains a very intriguing region for all cryptocurrency activities. It is now home to the nation’s first cryptocurrency bank, courtesy of Delio. Although the bank only provides one product, it creates an exciting industry precedent.
Delio Is A Cryptocurrency Bank
The South Korean region plays a big role in the crypto industry. Although most exchanges do not take kindly to privacy-focused currencies, the local exchanges can generate a decent trading volume. Moreover, local regulations favor companies trying to bring crypto into the mainstream. Delio is one of the many companies attempting that objective.
Through Delio, South Koreans can now open their cryptocurrency bank account. More specifically, they can access a money market deposit account – MMDA -which lets them deposit and withdraw crypto at any time. That product is made possible through Delio’s virtual asset service provider certificate (VASP), allowing it to explore more opportunities in the financial sector.
Through the MMDA, users can explore daily compound earnings when storing eligible crypto assets. Delio customers can currently deposit bitcoin, ether, and XRP. It is unclear if the company plans to add more currencies over time. Additionally, the daily compound earnings are guaranteed and are not impacted by the market performance of these assets.
Furthermore, Delio plans to open branch offerings in Seoul’s Gangnam district later this year. Offerings include a crypto academy and an economic salon, highlighting the need for broader cryptocurrency education in the country. The Gangnam district is the central pillar of Korea’s crypto industry, making it an excellent starting point for Delio and its cryptocurrency bank initiative.