South Korean Hydraulics Firm Become Latest To Accept Cryptocurrency In Payments

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Cryptocurrencies are not readily accepted by most businesses currently. However, there are a few that want to beat the trend.

One such firm is the South Korean hydraulics firm Sewon E&C, listed on the Korean Stock Exchange. The company recently said that a deal with a major decentralized finance (DeFi) company was near completion for collaboration on crypto, non-fungible token (NFT), and metaverse collaboration.

According to a report published in the South Korean media outlet iNews24, a principle deal was agreed to last month between the South Korean company and the crypto firm Delio. What remains is to sign the deal on paper finally. It was reported that the firm has on the verge of completing a month-long “due diligence and legal review.”

It was preparing an “equity investment” in Delio, said the hydraulics provider Sewon and was currently conducting negotiations about “digital finance”-related business cooperation.

The report quoted the South Korean company as saying that it would be venturing into what it called “cryptocurrency-related businesses,” which would include things like “blockchain-based NFTs, DeFi and the metaverse.”

The company, established in the early 1970s, specialized in making pumps, valves, cylinders, and bioengineering solutions apart from hydraulics.

The move by the company to move into “blockchain system development,” as well as “payment system development” and IT-related research was recently approved by the shareholders of the company in an extraordinary general meeting.

Sewon said that development work on a crypto-powered real estate securitization solution would be undertaken in partnership with Delio.

Launched in 2018, the core business of Delio includes crypto asset deposits and staking-like interest services. It is also in the business of offering secured loans using bitcoin (BTC) and other digital tokens. It is also into other DeFi-related operations.

An official from Sewon was quoted as stating:

“We plan to actively cooperate with South Korea’s Number One crypto finance company Delio to promote various types of virtual asset-related businesses.”

There are few big names in the world of business in a wide range of industries that have agreed to accept cryptocurrencies as a mode of payment.

Last month, Mastercard announced that the partners on its network could enable their customers to buy, sell, and hold cryptocurrency through a digital wallet. The company’s new program also allows customers to be given loyalty rewards with digital currencies. Customers can now earn and spend rewards in cryptocurrency instead of loyalty points.

The Hong Kong-based Pavilion Hotels & Resorts group is among the very few players in the global hotel industry to permit crypto transactions. Guests can now make payments for the hotel’s services in 40 different tokens, including Bitcoin and Ethereum. This program was started by the company in July this year. The hotel chain has properties in Amsterdam, Madrid, Lisbon, Rome, Bali, and Phuket.

A leader in the insurance industry – AXA Insurance, allowed its customers in Switzerland to use Bitcoin as a mode of payment for their bills starting in April this year. The company now has a reference code printed on bills for non-life insurance policies, which customers can use to scan and pay their premiums through the crypto exchange Bitcoin Suisse.

The second most valuable company in the world, software maker Microsoft, allowed the usage of bitcoin as payment for an array of its services, including Xbox Live and Skype. This decision significantly helped cryptocurrencies to go mainstream. Bitcoin can also be used for credit in topping up user accounts.

Starbucks, one of the largest coffee chains globally, is now allowing its customers to pay with bitcoin using the company’s new Bakkt app for drinks and goods at the coffee chain.

Tesal is another of the big names in the business world to announce earlier this year about accepting bitcoin as payments for vehicle purchases in the United States earlier this year. However, the company later put the move on hold, saying that it would start accepting the cryptocurrency only after more than 50% of the tokens are mined using renewable energy. Other big names that have allowed cryptocurrency to be paid for transactions include the world’s largest e-retailer, Amazon, the payments firms Visa and PayPal, the global auction house Sotheby’s, and one of the largest beverage companies of the world Coca Cola.

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