Used as TVU Concept Performance... Includes Deposits and Lending
Due to the Nature of De-fi and Ce-fi, Membership Scale Is Also Unclear
[Asia Economy Reporter Gong Byung-sun] ‘Delio,’ known as the largest centralized cryptocurrency finance (Ce-fi) company in South Korea, uses a concept called TVU for its own performance metrics, unlike overseas companies. It calculates deposit size and exact number of subscribers based on its own standards, highlighting the need for standardization.
As of the 5th, Ce-fi company Delio boasts a total cumulative Bitcoin transaction volume (TVU) of 2.072 trillion KRW as its performance. TVU is a performance metric used only by Delio among cryptocurrency finance companies and includes both deposit and loan transactions. Delio explained that since it is a Ce-fi company?not a regulated financial institution nor a decentralized finance (De-fi) company?it uses the separate concept of TVU.
Ce-fi refers to a form of financial service that uses cryptocurrency with a manager in place, unlike De-fi, which is blockchain-based and provides financial services such as loans or interest payments without a central administrator, using cryptocurrency as collateral.
Professor Hong Ki-hoon of Hongik University’s Business Administration Department said, "In fact, TVU does not provide investors with necessary information," and added, "The exact deposit size should be disclosed." Currently, Delio does not disclose deposit size citing trade secrets.
Overseas Ce-fi companies use the concept of assets under management rather than TVU. Overseas companies Nexo, BlockFi, and Celsius have announced on their websites that they manage assets worth $13 billion (approximately 15.561 trillion KRW), $10 billion, and $24.1 billion, respectively.
Professor Sung Tae-yoon of Yonsei University’s Economics Department explained, "Typically, deposit banks emphasize deposit size as their most important source of income," adding, "This is because banks need to prove how much capital they can attract from the public."
Especially, De-fi does not have a membership registration structure, so there is no clear standard for calculating the number of members. Delio states that it has a ‘Delio-linked member pool’ of 4.5 million, not an exact ‘number of members.’ A Delio official explained, "This figure includes not only Delio subscribers but also members of partner companies and users of partner services," adding, "There are many partners including domestic and international virtual asset exchanges such as OKEx and Bithumb." Bithumb ended its partnership with Delio on October 28 last year, citing the need to secure customer information stability following the enforcement of the amended Act on Reporting and Using Specified Financial Transaction Information.
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