[Delio] Delio Reveals the Future of Web3 and Crypto Assets — Interview with ZDNET Korea
Delio CEO James Jung about the future of crypto assets:
“Popularization of enterprise-driven virtual assets is inevitable. Comprehensive financial service provision plan is underway.”
A rising number of people believe that the Web3, or decentralized Web, will eventually gain popularity. Despite the fact of the “Crypto Winter,” a prolonged bear situation in the cryptocurrency market, an entirely new market tone can be observed. Web3 is now seen as a promising foundation for the continuous rollout of crypto asset-based services, including P2E and M2E, and the preparation of digital asset-based enterprises amongst traditional organizations.
There is a belief that Web3 will quickly replace all other Internet services if simply the initial offerings can generate the demand from the wider internet users.
Delio, a leading crypto bank and a digital service provider based in South Korea, has a specific expectation for Web3. According to James Jung, CEO at Delio, in an interview with ZDNET Korea, the company now prepares to be established as a company that creates relevant technologies and effectively uses them toward Web3. In this regard, Delio anticipates a scenario to expand its global business.
As part of the Fourth Industrial Revolution Festival 2022, Delio CEO James Jung attended the Future Tech Conference 2022, which was hosted at COEX in Samseong-dong, Gangnam-gu, Seoul, South Korea on September 15 with the main topic “Web3, Future of Digital Assets.”
There following are the statements from the interview with James Jung.
Q: Please introduce us to Delio.
“Delio provides a variety of service options for digital assets. Delio started the crypto business with digital asset lending (secured loan) and has now expanded it to wallet management, decentralized exchanges (DEX), and NFT marketplace exchanges (NFT). The performance of Delio reached 4.4 trillion KRW, rising 600% from the previous year.”
Q. Delio has been called a ‘Crypto Bank’. What does that mean?
“Banks, securities companies, and credit card providers are examples of traditional financial institutions that are starting to interact with crypto asset financing. Future acceleration is anticipated as a result of the industry’s progressive emergence and institutional rights’ absorption of digital assets. Delio is working towards taking on a hub function that will facilitate this connection more easily. A company that is a crypto asset-based bank, securities, and credit card provider is Delio’s goal.”
Q. “Web 3” is gaining popularity as a new term in the financial industry. What does Delio do to get involved in that trend?
“We are implementing the technology required to grow into a prominent Web3 company, such as creating our wallets and NFT storage. Following the acquisition of the KOSDAQ-listed company, Delio is aiming to converge with the physical business. To be more specific, Delio intends to become a Decacorn company in the upcoming years primarily targeting the international market, and so we are making progress in that direction step by step.”
Q. What are Delio’s prospects for major digital assets such as Bitcoin, Ethereum, and NFT?
“Virtual assets are evolving into different types of assets, securities, and money, while the market acceptance is growing day by day. It is anticipated that businesses will progressively release their utility tokens to promote community building by enabling businesses to reduce product sales and offer additional incentives to customers. That was also the rationale for the SK Group’s latest attempt to integrate the ‘SK Coin’ into the company’s ecosystem by making it a major digital asset. Delio will boost the viability of the ecosystem by considering its competitiveness.”
Q. Under the Specific Financial Transaction Information Act, Delio was awarded the virtual asset service provider license. What do you think of the Korean digital asset regulation framework?
“As a Korean regulation relating to digital assets, there is special fund legislation. However, the Specific Financial Transaction Information Act is only intended to prevent money laundering and does not serve as a comprehensive industry restriction. The Specific Financial Transaction Information Act strongly limits crypto asset-related activities to organizations that do not have a such license and penalizes those that violate it. Companies that operate crypto assets have monopolized the markets and investments since the law has been taken into effect. Performance for unqualified businesses has decreased by more than 90%. Although Delio and other companies that gained the licenses remain in gain from this exclusivity, the current scenario is not long-term beneficial for the growth of the local crypto industry. The National Assembly and government ministries have become optimistic about the introduction of the crypto asset investor bills that would complement the passage of digital asset regulations and crypto asset investor protection legislation.
Reporter: ZDNET Kim Yoon-Hee
Source (KOR): https://zdnet.co.kr/view/?no=20220908070335