Mongolia’s largest bank will begin offering crypto services including custody, remittance, deposits, loans, and crypto-asset management.
It has been reported by DDaily that the blockchain company Hexland, founded by former Samsung developers and white label tech company Delio have agreed to start working with the Ulaanbaatar-based Trade & Development Bank of Mongolia (TDB Bank).
However, it’s one of Mongolia’s oldest banks, with 50 branches across the nation, ranking second out of 17 Mongolian banks in terms of total assets.
The report said that the deal is not limited to the three parties aforementioned, as the media outlet detailed that MDKI, a Mongolian mineral resource, and blockchain company whose partners include crypto mining giant Bitfury, was also included in the agreement. TDB Bank works with industrial clients. Its portfolio includes over 400 Mongolian companies, offering them services such as project loans, trade loans, financial consulting, among others.
Meanwhile, Hexland provides services such as blockchain smart contract development and verification, as well as wallet development, among other solutions.
Likewise, an unnamed official from Delio said:
“We are in full swing to enter the global virtual asset financial market with the most resources possible.”
Thus, Mongolia has been taking steps in the crypto sphere since 2018.