Fintech firm Delio launches hash power-based bitcoin lending

Fintech firm Delio launches hash power-based bitcoin lending

Crypto finance company, Delio has recently announced the launch of ‘Hash Power BTC Lending,’ for providing bitcoins with hash power as collateral. The platform has already started lending bitcoins to companies that provide hash power, like Bitfury mining pools.

For the uninitiated, hash power is defined as the mining capabilities that miners have in the blockchain network. Apparently, the higher the hash power, the more cryptocurrencies can be mined.

Many blockchain companies are expanding their mining services by building a mining platform for virtual assets such as Bitcoin as well as for securing investors. This comes in response to an observed strong profitability from Bitcoin and intuitive demand for virtual assets.

Over the years, virtual assets have seen gaining momentum across large US investment banks such as Goldman Sachs, JPMorgan, Citibank, Standard Chartered, as well as domestic banks like NH Nonghyup and KB Kookmin Bank. As the market progresses, their value intensifies with the change in perception of virtual assets.

It is prudent to say that bitcoin is gradually becoming a more meaningful asset, while hash power, the core capability of bitcoin mining, has started to appeal new attention as a valuable digital asset. Many blockchain infrastructure firms have already been making huge investments in hash power.

According to Roy Jang, Director of Delio Business Division 1, said hash power is attracting attention given to strong virtual assets like bitcoin. With this, Delio has launched bitcoin lending service with hash power as collateral. Recently, a 50BTC loan was made with hash power for firms that operate Bitfury mining pools.

He added their firm’s hash power-based bitcoin lending will stand out as the first case that demonstrates hash power can be used as a new collateral. In addition, Delio will offer a hash power collateral service and a global sales network through partnership with Bitfury.

Source Credit: https://www.prnewswire.com/news-releases/delio-launches-bitcoin-btc-lending-with-hash-power-collateral-301192620.html