Even This Hydraulics Agency Can take Crypto, DeFi, NFT & Metaverse Plunge – Coinpres

The Korean Stock Exchange-detailed South Korean hydraulics business Sewon E&C is in the closing stages of sealing a deal with a big decentralized finance (DeFi) participant around proposed crypto, non-fungible token (NFT), and metaverse collaboration.

The media outlet iNews24 documented that the organization had agreed on a deal in principle with the crypto agency Delio last thirty day period and was now completely ready to indicator on the dotted line following finishing a month-extended accounting-associated “due diligence and legal overview.” 

The hydraulics provider, which was set up in 1971, said that it was getting ready an “equity investment” in Delio, and was “in the method of” speaking about “digital finance”-relevant small business cooperation.

Sewon announced that it would be expanding into what it termed “cryptocurrency-connected firms,” together with this sort of as “blockchain-based mostly NFTs, DeFi and the metaverse.” The organization, formerly regarded as Miwon Heavy Machinery, developed its name in the hydraulics sector and also specializes in pumps, valves, cylinders, and bioengineering remedies.

Pursuing an remarkable common conference of Sewon shareholders, the firm fully commited to increasing into “blockchain procedure improvement,” as perfectly as “payment procedure development” and IT-similar investigation. Sewon’s shares jumped by 2% on the news. 

The business will work with Delio on a crypto-powered actual estate securitization option, it added.

Delio was launched in 2018 and its main company avenues include cryptoasset deposit and staking-like curiosity providers, as properly as secured financial loans producing use of bitcoin (BTC) and other tokens, as well as other DeFi-related operations.

In November, Delio rolled out Blue, its crypto-backed loans giving – South Korea’s first – with an preliminary full capitalization of USD 100m. Making use of BTC and other coins as collateral, Blue users can acquire out fiat financial loans at once-a-year interest rates of up to 16%.

In summertime, Delio struck a deal with the financial business heavyweight Alright Money Group, and in October Delio obtained its Details Stability Management Procedure from the federal government-run Korea Online & Stability Agency (KISA). 

An official from Sewon was quoted as stating:

“We strategy to actively cooperate with South Korea’s Variety 1 crypto finance organization Delio to market different sorts of virtual asset-related businesses.”