The oldest bank of Mongolia to offer crypto related services

Ulaanbaatar-based Trade & Development Bank of Mongolia (TDB) will soon begin offering crypto services including custody, remittance, deposits, loans, and crypto-asset management.

According to DDaily on Oct 28, crypto company Delio will collaborate with Mongolian blockchain company MDKI and Korean blockchain company Hexland. It plans to provide services such as custody, remittance, deposit, loans, and crypto-asset management. In addition, MDKI plans to promote crypto-asset related projects in cooperation with Mongolia’s TDB Bank. TDB, the oldest bank of Mongolia, with 50 branches across the nation, ranking second out of 17 Mongolian banks in terms of total assets. 

Hexland provides services such as blockchain smart contract development and verification, as well as wallet development, among other solutions.

An official from Delrio said, “We are in full swing to enter the global virtual asset financial market,” with the most resources possible. However, a launch date has not been officially se for offering such crypto services to Mongolians.

As AZCoin News recently reported, the Inner Mongolia Department of Industry and Information Technology has reportedly threatened to remove electricity subsidies for bitcoin mining companies, which would raise rates by nearly one-third.

The department issued a notice to the Inner Mongolia Electric Power Group notifying it that 21 of 30 companies visited for inspection in 2019 did not meet the qualifications to receive rates they can get from participating in the Inner Mongolia Electric Power Multilateral Trading Market.

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