The second largest Mongolian bank, TDB Bank, has recently decided to offer crypto services.
The bank merged with two companies for this purpose, although additional participants were also noticed.
It is not yet known when the services will arrive.
The Trade & Development Bank of Mongolia, also known as TDB Bank, reportedly plans to start offering crypto services. The Ulaanbaatar-based bank plans to offer additional support for crypto-custody, deposits, loans, transfers and asset management.
Mongolian bank wants to offer crypto services to citizens of the country
Banks around the world are finally beginning to accept the fact that the crypto industry is not disappearing. Some have done so by adding accounts for crypto transactions while central banks are developing their own CBDCs.
There are even some banks that have started to offer crypto-related services – similar to what users can find in the DeFi sector. However, since they have years of experience in offering their services and the DeFi sector is still young and underdeveloped, banks that choose to offer such services for cryptography still have an advantage despite their centralization.
The TDB Bank of Mongolia is the next in line to do so.
To achieve this, the bank – one of the oldest in Mongolia – has teamed up with a block chain company, Hexland, and a white label tech company, Delio.
The bank has not yet announced when the services will arrive.
The deal is quite big for all parties involved, considering that it is the second largest bank in the country with 50 branches across the country. The bank works mainly with industrial customers and has over 400 local companies in its portfolio.
The deal will also include some additional participants, such as MDKI – a Mongolian mineral resources and block chains company. As for Hexland, it is a company that provides services such as verification and development of intelligent block chain contracts, wallet development and more.
At this time, the launch date of the crypto services is not yet known. However, as Mongolia has become more deeply involved in cryptology in recent years, it is possible that the bank has a well-developed plan for further action.