South Korean hydraulics firm Sewon E&C is in the final stages of closing a crypto-driven business deal with Delio. This proposed partnership centres around crypto, NFTs and the metaverse. Unquestionably, this move is set to position this hydraulics company as an NFT leader in South Korea.
According to the South Korean media outlet iNews 24, discussions are well underway with Delio. It’s already a leading South Korean crypto finance company that specialises in decentralised finance.
What’s more – in November, Delio launched Blue. Blue is South Korea’s first crypto-backed loan service with an initial capitalisation of $100 million. This revolutionary platform enables users to use BTC and other coins to borrow money (at an annual interest rate of up to 16%). Evidently, Delio seems like the perfect partner for Sewon.
The hydraulics company plans on working with Delio to invest in firms specialising in NFTs, DeFi and the metaverse. In addition to this, Sewon and Delio want to promote real estate securitisation using virtual currency together in the future.
Source: Sewon’s official website
According to a Sewon E&C representative, “We plan to actively cooperate with South Korea’s number one crypto finance company Delio to promote various types of virtual asset-related businesses.”
Shareholders embraced the news with open arms. As a result, Sewon’s shares increased by 2% on the Korea Stock Exchange.
As of January 2022, South Korea is imposing taxes on some NFTs. Regardless, South Korean companies are doing their best to use any legal loopholes to their advantage.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
