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Delio Introduces South Korea’s First “Crypto Bank” Service

Delio (CEO James Jung), which claims to be a leader in digital asset finance in South Korea, has launched a Crypto Bank service and expanded its business into offering virtual banking services.

Since its founding in 2018, Delio claims it has been “leading the Korean crypto financial market by offering a variety of financial services related to digital assets, including savings and lending products.”

According to the report on blockchain and digital assets issued by the Korean government last year, Delio was “listed as the top digital asset company in Korea.”

Delio has consistently “expanded and diversified its crypto finance-related services” such as PBS (Prime Brokerage Service), DEX ‘Delioswap,’ and NFT marketplace ’01etc,’ generating “a cumulative transaction volume of KRW 2.4 trillion in 2021 making Delio Korea’s safest fund operating company.”

Delio was “the first company in Korea to receive a VASP license to operate crypto lending and savings services.”

As an institutional crypto-financial organization, Delio offers “a range of financial services in compliance with the legal guidelines set out by financial authorities after establishing a U.S.-side corporation and acquiring a U.S. MSB (Money Services Business) license.”

Meanwhile, Delio aims “to become a Web 3.0 company by building and expanding the range of crypto-financial businesses.”

In this regard, a number of preemptive investments “are underway, such as acquiring KOSDAQ-listed companies and mass recruiting blockchain developers.”

The term “crypto bank” refers to “a service that applies multiple financial services for crypto assets such as deposits, loans, asset transactions, and withdrawals offered by traditional commercial banks.”

Delio is the first of its kind in Korea, “representing the case of digital asset providers, and is considered one of the world’s best.”

The new Delio Bank service is “comparable to what is now offered by traditional financial banks.”

Delio Bank service is “linked to the MMDA account that enables the deposit and withdrawal of crypto assets at any time and offers daily compound earnings regardless of the performance when storing Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).”

By integrating with Delio’s various digital asset financial services, “including lending and depositing, high security and user convenience have been enhanced.”

For the first time in the Korean crypto market history, Delio has “evolved into a crypto bank to emerge a range of crypto financial services including savings, lending, asset management, payment, and NFT to the global market.”

In addition, Delio plans “to open a Gangnam Private Banking Center branch in Seoul’s Gangnam district, the center of the Korea’s crypto industry.” Through the highly accessible Private Banking center, users can “directly experience sophisticated digital asset-related financial services.”

Various programs “such as the Economic Salon and Crypto Academy are intended to be utilized as an open space by all Delio members.” Apart from this, Delio is “considering opening new branches in Gwanghwamun and other locations.”

A Delio official says:

“The Delio Bank service is the first case of the Korean company to obtain virtual asset service provider (VASP) certificate with the following authorization by the Korean financial authorities to become a digital asset specialized bank.”


Fee policy for withdrawal of virtual assets

The following fees are charged when withdrawing virtual assets from Delio Bank.

Virtual asset type Transmission fee (Gas fee) Withdrawal fee
Bitcoin (BTC) Charged according to network conditions 2,000 won worth of Bitcoin
Ethereum (ETH) Charged according to network conditions 2,000 won worth of Ethereum
Ripple (XRP) Charged according to network conditions 1 XRP

· There is no fee for transfers within Delio Bank.

· No withdrawal fee is charged for virtual assets other than Bitcoin, Ethereum, and Ripple.

· Please check the transfer fee for virtual assets other than Bitcoin, Ethereum, and Ripple when withdrawing.