Mongolia’s largest bank plans to offer cryptocurrency services.

Mongolia's largest bank plans to offer crypto services, including custody, remittance, deposits, loans, and crypto-asset management.

According to DDaily, 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, or TDB Bank. The bank is one of Mongolia’s oldest banks, with 50 branches across the nation, ranking second out of 17 Mongolian banks in total assets. According to the report, MDKI, a Mongolian mineral resource and blockchain company whose partners include crypto mining giant Bitfury, was also included in the agreement.  

 

TDB Bank will soon begin to offer crypto services. 

Primarily, TDB Bank works with industrial clients. The bank’s portfolio includes over 400 Mongolian companies, offering them services such as project loans, trade loans, financial consulting, among others. Hexland meanwhile provides services such as blockchain smart contract development and verification, as well as wallet development, among other solutions. An official from Delio told DDaily that through this partnership, “We are in full swing to enter the global virtual asset financial market,” with the most resources possible. However, a launch date has not been officially set for offering such crypto services to Mongolians.

 

Singapore’s largest bank is also planning to launch a crypto exchange. 

As reported earlier, Singapore’s largest bank DBS is reportedly launching cryptocurrency trading and custody as well as a platform for conducting security token offerings. The bank’s upcoming crypto service includes the DBS Digital Exchange that will support five major cryptocurrencies; Bitcoin, Ether, XRP, Bitcoin Cash, and Ethereum Classic. Supported fiat currencies include the US dollar, the Singapore dollar, the Hong Kong dollar, and the Japanese yen. DBS Digital Exchange will not hold any assets itself, but all digital assets would be kept at DBS Bank, which is globally recognized for its custodial services. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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