Update: On Nov. 6, a representative of TDB contacted Modern Consensus denying reports that it is offering or intended to offer crypto services.
The Trade & Development Bank of Mongolia (TDB), one of the country’s largest, has partnered with blockchain firms Delio and Hexland to start offering cryptocurrency services
South Korean news outlet DDaily reported on Oct. 28 that Mongolia’s oldest bank, TDB, will offer services including but not limited to cryptocurrency remittance, custody, deposits, asset management and even loans. The bank’s customer will also reportedly have access to the crypto asset market, but the launch date is still unclear.
If you can’t beat them, join them
Banks are seemingly slowly moving on from deriding cryptocurrencies and discriminating against their users to cautiously offering some related services. This is a major step forward compared to just a couple of years ago, but sometimes buying cryptocurrency with your debit card can still result in your bank closing your account.
As Modern Consensus reported earlier today, the Swiss subsidiary of Gazprombank—the banking arm of Russian state-owned energy firm Gazprom—received regulatory approval to offer crypto services in Switzerland. The bank wrote in its statement:
“The clients get access to cryptocurrency liquidity, while the safekeeping of the cryptocurrencies is taken care of by a Swiss regulated bank,” Gazprombank said. “We expect digital assets to become increasingly important in the global economy and, in particular, for our current and potential clientele. Being committed to continuous financial innovation, we strive to offer our clients advanced banking services.”
The announcement closely follows two cryptocurrency firms receiving banking licenses in the United States. First — in mid-September—major cryptocurrency exchange Kraken obtained a bank charter approval in the state of Wyoming, becoming a special-purpose depository institution. The firm’s CEO Jesse Powell noted that he did not expect his firm to obtain such a license and joked about closing the accounts of those meddling with that nasty fiat money. He said:
“We have come full circle, crypto.”
Then, just a couple of days ago, also crypto bank Avanti was approved in Wyoming to become a special-purpose depository institution.