Delio — Singapore MWAC Signs MOU with $260 Million
Delio announced on January 3rd that it has signed a Memorandum of Understanding on supplying its lending funds with Singapore’s Tembusu subsidiary MWAC.
The MOU will allow Delio to secure lending funds of up to $260 million from MWAC in the cryptocurrency secured lending business and also receive equity investment from Tembusu. Consequently, Delio has gained an opportunity to expand domestically and internationally with its crypto lending business.
Delio plans to become an ultimate crypto finance company by developing and selling a variety of crypto investment products. Upon agreement with Delio, MWAC also enters Korean lending market.
Tembusu is one of the Singapore’s largest private equity funds that have invested in blockchain projects such as Kakao Clayton and Ontology; it has subsidiaries specialized in finance and investment, including MWAC.
The agreement was based on Delio’s business competitiveness on exchange-based lending models, patented in the US and Korea, as well as fintech technology and strong partnerships with Bithumb and Bitfury. Delio Lending lends fiat and cryptocurrency, securely setting loan applicants’ cryptocurrency in his or her exchange as collateral.
CEO James Jung of Delio mentioned, “The signing of MOU with one of Singapore’s largest financial companies, Tembusu’s MWAC has improved Delio’s lending capacity and provided a strong bridge for entering Singapore”.
[Originally written in etnews, “델리오-싱가폴 MWAC, 3000억 규모 MOU 체결” by reporter Hyangseon Lee on Jan. 02 2020 https://n.news.naver.com/article/030/0002860542
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