South Korean company Sewon E&C Hydraulic enters cryptocurrency
South Korea’s Sewon E&C Hydraulics, listed on the Korea Stock Exchange, is in the final stages of signing an agreement with a major decentralized financial firm (DeFi) for cryptocurrency, non-fungible tokens (NFT) and metaverse collaboration.
Sewon E&C Korea Hydraulics Company enters cryptocurrency
Media company iNews24 reported that Sewon E&C agreed to a fundamental agreement with cryptocurrency company Delio last month and is now ready to sign the dotted line after the “legal due diligence and review” is complete.
The hydraulics supplier, founded in 1971, announced that it would “invest shares in Delio” and was “in the process of discussing a business cooperation in the field of“ financial technology ”.
Sewon announced it will expand into cryptocurrency-related areas including blockchain-based NFT, DeFi and the Metaverse. The company, formerly known as Miwon Heavy Machinery, has made a name for itself in the hydraulics industry and also specializes in pumps, valves, cylinders and biotechnological solutions.
After Sewon’s Extraordinary General Meeting, the company promised to expand into blockchain system development as well as payment system development and IT-related research. Sewon’s shares rose 2% on the news.
Sewon E&C will partner with Delio to promote crypto-related businesses
The company will work with Delio on a cryptocurrency-based real estate securitization solution, it added.
Delio was founded in 2018 and its core business includes cryptocurrency and staking-like interest rate services, as well as Bitcoin (BTC) secured loans and tokens, other announcements and other DeFi-related activities.
In November, Delio launched Blue, South Korea’s first crypto-backed loan service with an initial capitalization of $ 100 million. Using BTC and other coins as collateral, Blue users can borrow fiat money at an annual interest rate of up to 16%.
Over the summer, Delio signed an agreement with the financial industry heavyweight OK Financial Group, and in October Delio received an information security management system from the government-run Korea Internet & Security Agency (KISA).
A Sewon official is quoted as saying:
“We plan to actively work with South Korea’s leading crypto finance company Delio to promote various types of virtual asset-related businesses.”
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