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Mongolia’s largest bank to Start Working with Cryptocurrencies

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Mongolia's largest bank to Start Working with Cryptocurrencies

TDB Bank from Ulaanbaatar will start providing clients with services related to cryptocurrencies, including custodial services, deposits, lending, and digital asset management.

TDB Bank is the largest Mongolian bank in terms of the number of branches, the number of which exceeds 50, and the second in terms of assets. To implement the blockchain and support cryptocurrencies, the bank has signed agreements with the Korean company Hexladn, working in the field of blockchain, and the technology firm Delio.

Hexland will develop and verify smart contracts on the blockchain, create wallets and other developments. Mining company MDKI and mining giant Bitfury are also involved in the agreement. However, their role in the introduction of digital asset support by the bank is not reported.

TDB Bank plans to provide services related to cryptocurrencies to its corporate clients, of which there are more than 400. The bank’s representatives hope that businesses will be interested in cryptocurrency loans and financial advice in the field of digital assets.

Recall that at the beginning of 2020, the Canadian startup Convergence.tech has successfully tested an application to track the supply of wool by Mongolian pastoralists.

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