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Mongolia’s largest bank providing cryptocurrency related services

October 30, 2020

The largest bank in Mongolia will soon offer crypto services This includes custody, transfers, deposits, loans and crypto asset management.

According to DDaily, the blockchain company Hexland – founded by former Samsung developers – and white label technology company Delio have agreed to partner with Mongolian Trade and Development Bank. based in Ulaanbaatar or TDB Bank. It is one of the oldest banks in Mongolia with 50 branches across the country and ranks second among the 17 Mongolian banks in terms of total assets.

However, The agreement is not limited to the three named parties. The news agency reported that MDKI, a Mongolian mineral resources and blockchain company that partners with crypto-mining giant Bitfury, was also drawn into the deal.

Mongolia’s largest bank providing cryptocurrency related services
Mongolia’s largest bank providing cryptocurrency related services

TDB Bank mainly works with industrial customers. The portfolio includes more than 400 Mongolian companies to which the company offers services such as project loans, business loans and financial advice, among other things.

For his part, Hexland offers services such as smart blockchain contract development and verification, as well as wallet developmentamong other things solutions.

An anonymous Delio official told DDaily that Through this association, “we are about to enter the world financial market for virtual assets” with as many resources as possible. However, no official start date has been set for offering these crypto services to Mongolians.

In 2019, the Ulaanbaatar city council agreed to work with a South Korean blockchain company called Terrato eventually replace utility bills and government subsidy payment methods with Terra’s stablecoin.

Mongolia has been active in the crypto sector since 2018. This year, Cointelegraph reported that the country’s largest cellular operator became Mongolia’s first licensed company to issue its own digital currency.

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