Delio, Korea's first crypto bank, is pushing a collaborative initiative involving digital assets with Shinhan Investment Corp., Korea's largest securities company.
The two companies intend to form a cooperative business agreement on crypto assets and create digital assets-based financial services using their respective expertise.
Shinhan Investment is a subsidiary of Shinhan Financial Group, one of Korea’s four largest financial entities. As of 2021, the total assets were calculated as $32B, while sales reached $5.7B. Moreover, it is the first securities company in Korea to apply blockchain technology to increase the reliability of the movement of funds and transactions. Recently, a dedicated blockchain department in Shinhan has been established to provide innovative services related to digital assets and investment plans are being carried out with blockchain and NFT companies.
Shinhan Financial Group is actively paying attention to developing and utilizing digital assets and blockchain technology. Another affiliate of the group, Shinhan Bank, has completed testing of stablecoin-based overseas remittance technology and has launched a digital wallet that can manage various electronic documents. Shinhan Card also acquired a patent for digital asset technology that enables remittance and payment even in disconnected network cases. In addition, various affiliates of Shinhan Financial Group, such as Shinhan Capital, which operates and manages funds, and Shinhan Life, an insurance company, are also using blockchain technology in their services.
The main purpose of this agreement is to accelerate business by jointly developing blockchain-based products, digital asset business collaboration such as NFT, and by creating an ecosystem where finance and blockchain co-exist. As investor protection is being strengthened along with this collaboration in the crypto market, the priority is to offer crypto financial services that investors can completely trust.
Kim Jangwoo, head of Shinhan Investment’s digital group, says, “Based on the framework act on digital assets to be enacted in the future, we need to provide investor protection and innovative business models. And Shinhan will keep seeking partnerships with blockchain companies to create a solid digital asset ecosystem, to do so, we will do our best.”
“As the current global economy is transforming into an economy where fiat currency and digital assets co-exist, our top priority is to secure the reliability of digital asset products and services, "mentions James Jung, CEO of Delio. We will upgrade digital asset financial services that users can trust based on Shinhan Investment’s financial know-how and recognized credibility.”
Meanwhile, Delio attracted a lot of user attention in the Korean market by launching its Delio Bank service, a crypto account that provides an annual compounding interest of 3% with daily payments and allows any-time access to deposits and withdrawals.