Market

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 will partner with Delio to promote crypto-related businesses

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.”

Important NOTE: All content on the website is for informational purposes only and does not constitute investment advice in any way. Your money, the choice is yours.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

7 minutes ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

2 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

2 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

2 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

3 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

4 hours ago

This website uses cookies.