Mongolian bank will soon start offering crypto services

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Oct 30, 2020
  • Mongolian second-largest bank, TDB Bank, recently decided to start offering crypto services.
  • The bank partnered up with two firms to do so, although additional participants were also noticed.
  • For now, it remains unknown when the services can be expected to arrive.

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.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

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.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, eToro
67% of retail CFD accounts lose money