Mongolian bank will soon start offering crypto services

Mongolian bank will soon start offering crypto services

Trade & Development Bank of Mongolia, also known as TDB Bank, reportedly plans to start offering crypto-related services. The Ulaanbaatar-based bank aims to add support for crypto custody, deposits, loans, remittance, and asset management.

Mongolian bank to offer crypto services to the country’s citizens

Banks around the world are starting to finally accept the fact that the crypto industry is not going away. Some have done it by adding accounts for crypto businesses, while central banks are developing their own CBDCs.

There are even some banks that have started offering crypto-related services — similar to what users can find in the DeFi sector. However, with years of experience in offering their services, and DeFi still being young and underdeveloped, banks who choose to offer such services for crypto still have an advantage, despite being centralized.

Mongolia’s TDB Bank is the next one in line to do so.

To achieve this, the bank — one of the oldest in Mongolia — teamed up with a blockchain company, Hexland, as well as with a white-label tech firm, Delio.

The bank has yet to announce when the services will arrive

The deal is quite big for everyone involved, considering that this is the second-largest bank in the country, with 50 branches across the nation. The bank mostly works with industrial clients, with over 400 local companies in its portfolio.

The deal will also include some additional participants, such as MDKI — Mongolian mineral resource and blockchain firm. As for Hexland, it is a company that provides services such as blockchain smart contract verification and development, wallet development, and more.

At this point in time, the launch date of crypto services has not yet been revealed. However, since Mongolia has been delving deeper and deeper into crypto over the last few years, it is possible that the bank has a well-developed plan on how to proceed.

The post Mongolian bank will soon start offering crypto services appeared first on Invezz.

Publication date: 
10/30/2020 - 10:30

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.