The largest bank in Mongolia will start working with cryptocurrencies

TDB Bank from Ulaanbaatar will start providing services to clients, related to cryptocurrencies, including custodian services, deposits, lending, as well as digital asset management.

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

Hexland will develop and verify smart contracts on the blockchain, creation of wallets and other developments. Also involved in the agreement are the mining company MDKI and the mining giant Bitfury.. However, their role in the implementation of support for digital assets by the bank is not disclosed..

TDB Bank plans to provide services, related to cryptocurrencies, to their corporate clients, more than 400. Bank representatives hope, that business will be interested in cryptocurrency loans and financial advice in the field of digital assets.

Recall, what's in the beginning 2020 of the year, Canadian startup Convergence.tech successfully tested an app for tracking wool supplies by Mongolian herders.