Mongolia continues to make slow but steady steps towards becoming a crypto-friendly country. The biggest bank in the nation will soon start offering crypto services as announced on October 30, 2020. Some of the services that it will offer include deposits, loans, remittance, custody, and crypto-asset management.
According to DDaily, Hexland blockchain company and white label tech company Delio have already agreed to work with the Ulaanbaatar-based Trade & Development Bank of Mongolia or TDB Bank. TDB is one of the oldest banks in Mongolia and it has at least 50 branches across the country which enables it to rank second out of 17 Mongolian banks based on total assets.
Nonetheless, this deal is not limited to the three parties mentioned above. The media outlet also stated that a Mongolian mineral resource and blockchain company, MDKI, who partners with the likes of Bitfury crypto mining giant, is also featured in the agreement. Normally, TDB Bank works with various industrial clients.
Its portfolio features at least 400 Mongolian companies and it offers them services like trade loans, project loans, financial consulting, and much more. On the other hand, Hexland offers services like wallet development, blockchain smart contract development and verification, and many other solutions.
One unnamed official from Delio told reporters:
“Through this partnership, we are in full swing to enter the global virtual asset financial market, with the most resources possible.”
But, a launch date is not yet officially set for offering these crypto services to the Mongolians. Last year, Ulaanbaatar City’s administration reportedly agreed to partner with Terra, a South Korean blockchain firm, to replace the payment methods for government subsidies and utility bills with the Terra stablecoin eventually.
Since 2018, Mongolia has been taking steps in the crypto space and the country’s biggest mobile telecoms operator became the first licensed entity to issue a digital currency.