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Press release content from PR Newswire. The AP news staff was not involved in its creation.

Delio launches Bitcoin (BTC) lending with Hash Power Collateral

December 15, 2020 GMT
Delio launches Bitcoin (BTC) lending with Hash Power Collateral
Delio launches Bitcoin (BTC) lending with Hash Power Collateral

  • Recognized as a Bitcoin asset and has a strong hash rate
  • The first case of recognition as a digital asset that can secure hash power

SEOUL, South Korea, Dec. 15, 2020 /PRNewswire/ -- Delio (CEO James Jung), a leading crypto finance company, announced that it launches ‘Hash Power BTC Lending,’ which lends bitcoins with hash power as collateral, and started lending to companies that provide hash power, such as Bitfury mining pools.

Hash power refers to the mining capabilities that miners have in the blockchain network, and the higher the hash power, the more cryptocurrencies such as Bitcoin can be mined.

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According to the industry, as Bitcoin’s strong profitability and demand for virtual assets increase, many blockchain companies are expanding their mining services by building a mining platform for mining virtual assets such as Bitcoin and securing investors.

The hash rate, which means the total amount of computing power mobilized in the network to mine Bitcoin, hit a record high of 157.65 EH/S on October 18, according to Bitinfochart.

In recent years, the virtual asset market has entered the market of large US investment banks such as JPMorgan, Goldman Sachs, Standard Chartered, Citibank, also domestic banks like KB Kookmin Bank and NH Nonghyup announced the launch of a virtual asset custody service in Korea. As the market advances, its value increases with the change in perception of virtual assets.

As virtual assets such as bitcoin are gradually becoming more meaningful assets, hash power, the core competency of bitcoin mining, is attracting new attention as a valuable digital asset.

Many blockchain infrastructure companies already have been making large-scale investments in hash power.

Roy Jang, a director of the Delio Business Division 1, said, “Due to the strong virtual assets such as bitcoin, a new digital asset called hash power is attracting attention.” “Therefore, Delio launches a bitcoin lending service with hash power as collateral, and recently, a 50BTC loan was made with hash power for companies that operate Bitfury mining pools.

He continued, “Delio’s hash power-based bitcoin lending will be the first case to admit that hash power can be used as a new collateral.”

Meanwhile, Delio will provide a hash power collateral service and a global sales network through cooperation with Bitfury, a company specialized in virtual asset mining and blockchain solutions.

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SOURCE Delio