The largest bank in Mongolia, a future crypto-service provider

Mongolia is turning into a crypto-friendly country however slow their progress is.

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Crypto services such as custody, deposits, remittance, loans, and crypto will soon be available from Mongolia’s largest bank.

A blockchain company called Hexlant whose founders are Samsung developers and Delio which is a tech company along with MDKI, which is a Mongolian mineral resource and blockchain company, are going to work with the Trade & Development Bank of Mongolia or TDB bank which is the second largest bank in Mongolia. It’s interesting to know that one of MDKI’s partners is Bitfury which is a crypto mining giant.

This bank mainly targets industrial clients and these clients can enjoy several services such as project loans, consult in financing, trade loans, and etc.

At the same time the other partner, Hexlant, provides certain services among which are the blockchain smart contract development and verification and of course wallet development.

Although a Delio official has informed DDaily that as a result of the aforementioned cooperation that they are at full blast to join the crypto world with as many resources as possible. A launch date is yet to be announced.

Mongolian government started joining the crypto sphere in 2018 when its mobile telecoms operator became the first licensed party to issue its own digital currency. This was continued in 2019 when Ulaanbaatar city administration had an agreement with a blockchain company from South Korea, dubbed Terra, to change the utility bills and government subsidies’ payment methods with Terra stablecoin.

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Cryptocurrency exchange

Bank

Tags

Cryptocurrency exchange

Bank