Yet another country gives into the promising services and future offered by the crypto-blockchain technology. This time it is Mongolia that has made it to the spotlight by making a crypto-related announcement. As per the announcement, the largest Mongolian bank is considering integrating crypto-related services to their catalog.
The bank is currently making up its mind on the crypto-related services it will be offering its customers. For now, the bank has announced that it will be offering services such as cryptocurrency deposits, remittances, assets, loans, and custody management.
According to the reporting firm DDaily, the project will be work on with the joint venture of more than two entities. The TDB Bank, which is based in Mongolia’s capital, Ulaanbaatar will be acquiring the services of two different tech companies to complete the project.
The companies involved in the project would be Delio – a white label tech company and a blockchain-based company, Hexland –founded by the developers of the former of Samsung brand.
The TDB Bank is one of the oldest banks in Mongolia. It has fifty branches spread across the country and has the highest customer base. TDB currently ranks at number two out of seventeen banks in Mongolia in terms of the total asset holdings.
It has been revealed recently that Delio and Hexland are not the only entities involved in this project. There are two more entities that have been mentioned in the agreement to provide assistance with the project. The third entity to help TDB is the Mongolian Mineral Resource Company (MDKI).
On number four, it is another blockchain company, which is known to be providing their services to Bitfury that is considered to be a mining giant at present.
At present, the primary customers of the TDB Bank are clients representing industries from Mongolia. The bank currently boasts serving more than four hundred companies and corporations in Mongolia. It currently focuses on providing its clients with services that include trade loans, project loans, and financial consulting.
On the other hand, Hexland is known for providing blockchain-based services to users and firms. Its major field of expertise is providing guidance with verifications and developments in smart contracts.