Delio Inc., a Seoul-based cryptocurrency startup, announced it secured a Series A funding of undisclosed amount.
Two Korean venture capitalists - Honest Ventures and Kingco Investment Partners provided the financial resources, according to Delio.
Delio plans to use the funds to expand cryptocurrency secured lending service, currently offered through Korea’s largest cryptocurrency exchange Bithumb, to other exchanges at home and aboard, including China and Singapore.
Through its subsidiary Deliolending, the company offers cryptocurrency collateral loan services that allow users to borrow cryptocurrency or cash by the amount of cryptocurrencies like bitcoin held on exchange.
“Demand for Deliolending services has been growing steadily, especially from investors who seek to take advantage of wild volatility in cryptocurrency markets and surging loan demand,” said a Delio official, adding that the company’s monthly lending volume is estimated to top 20 billion won ($16 million) in July-September period this year.
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]