$ADA: South Korean ‘Crypto Bank’ About To List Cardano and Launch Staking Service

Delio, which claims to be South Korea’s first cryptocurrency bank, is reportedly about to list Cardano’s $ADA token and plans to launch a staking service for it.

On 7 July 2022, Finextra reported that Delio had “launched the country’s first cryptocurrency bank, offering a money market deposit account (MMDA) that enables crypto deposit and withdrawal at any time.” The report also mentioned that Delio, which was founded in 2018, already offered “a host of crypto-related services” but had recently obtained “a virtual asset service provider (VASP) certificate” to allow it to “move into areas such as deposits, loans and asset transactions.”

It went on to say:

“The MMDA account enables the deposit and withdrawal of crypto assets at any time and offers daily compound earnings regardless of the performance when storing Bitcoin, Ethereum, and Ripple. Delio is also opening a branch offering things like an ‘economic salon’ and ‘crypto academy’ in Seoul’s Gangnam district, the centre of the Korea’s crypto industry.“

According to a report published by CryptoPotato earlier today, “Delio is on the verge of listing five new digital assets and launching a staking service.”

The report then said that Delio had already listed $SOL, $DOT, and $XTZ. Apparently, $ADA and $KSM are about to get listed on 4 November 2022 and 8 November 2022 respectively.

The report went on to add:

“Notably, Delio is the first and only crypto bank in South Korea to provide a Money Market Deposit Account-backed service and a Web 3.0 entity in crypto financial and blockchain services with government-level licenses such as MSB, VASP, and ISMS.

“The services apply various digital asset financial services, including savings, lending, trading, and withdrawals of funds from commercial banks, converting them to digital assets. Moreover, Delio offers a 3% annual compound interest rate for Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), which are being recognized as a new investment strategy in the era of high-interest rates.“

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