Blockchain, Cryptocurrency

Mongolia and South Korea Launching Blockchain-powered Digital Currency Platform

Asian banks are trimming closer to crypto and digital currency acceptance – with South Korean and Mongolian banks launching ambitious fresh developments in the wake of announcements of the launch of Singaporean giant DBS’ anticipated digital asset exchange.

Even though DBS has reacted to the news by saying that its exchange is still a “work in process,” the bank has validated it is working on the project – and a page for the new platform seemingly went life yesterday. However, it appears to have been taken down later.

But somewhere else on the continent, bank-operated crypto projects may materialize before DBS puts the finishing touches on its trading platform.

According to DDaily, South Korean crypto finance company Delio and Hexland, a South Korean blockchain firm founded by a former Samsung developer group, has agreed to work with the Ulaanbaatar-based Trade & Development Bank of Mongolia (TDB Bank). The deal will also involve Mongolian mineral resource and blockchain company MDKI, whose partners include crypto mining giant Bitfury.

TDB Bank is one of Mongolia’s oldest and largest banks, with 50 branches nationwide. It works predominantly with industrial clients.

The companies will initially provide a range of crypto-related services in Mongolia, including crypto custody, remittance, deposits, loans, and cryptoasset management.

A Delio official told the same media outlet that the move would allow it to enter the “global cryptoasset financial market” in earnest.

Meanwhile, in South Korea, central commercial bank Shinhan Bank has agreed to a deal with LG’s IT services and blockchain arm LG CNS. The firms said they would co-build a digital currency platform, as reported by  BusinessPost.

The firms said they would launch a pilot for what they call a “blockchain-powered digital currency platform” that will be built “in preparation for the issuance of a digital currency by the [central] Bank of Korea.

The media outlet quoted a Shinhan Bank spokesperson as stating,

“This agreement will be the start of a collaboration with LG CNS in the blockchain sector. We will provide value for our customers by applying blockchain technology in a range of financial services.”

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