As a seasoned researcher with a keen interest in the dynamic world of cryptocurrencies and blockchain technology, I find myself intrigued by the strategic expansion of Bitget into Vietnam with the launch of their tailored exchange, BitEXC. With my years of experience in this field, it’s clear that Vietnam’s second place ranking worldwide for cryptocurrency ownership presents a significant opportunity for growth.
The cryptocurrency exchange, Bitget, has unveiled a newly designed trading platform specifically for the Vietnamese market called BitEXC. This platform aims to cater to Vietnamese tastes by offering local assistance and resources for learning about cryptocurrencies.
Crypto trading Vietnamese-style
The initiation of the latest trading platform marks a strategic move by Bitget to broaden its reach in Southeast Asia, given that Vietnam ranks second globally for cryptocurrency holdings. It’s estimated that approximately 21.2% of the Vietnamese population owns digital assets, as reported by the exchange itself. In statements made by Gracy Chen, CEO of both Bitget and BitEXC, this expansion is seen as a significant step forward.
“Vietnam has shown tremendous potential in crypto, but yet the market still needs platforms that truly understand and cater to its unique audience. BitEXC was created to bridge this gap by providing local support and products customized to fill the needs of its crypto users.”
In addition to peer-to-peer (P2P) exchange, BitEXC also provides spot and futures trading opportunities. This platform accepts payments via ViettelPay, Momo (a service similar to Canada’s Nuvei), ZaloPay (linked with the local Zalo instant messaging system), and other methods. On its inaugural day, only P2P trading was operational.
An Earn program and copy trading are expected to launch within the next three months.
BitEXC plans to leverage the resources provided by Bitget. The security net offered by Bitget’s Protection Fund will be expanded to protect users of BitEXC. This $300-million reserve, stored in Bitcoin (BTC) and Ether (ETH), is designed to handle unexpected market fluctuations.
If the launch of BitEXC proves successful, it has a strong potential to dominate a significant portion of the market in Vietnam. A study carried out in 2023 indicates that an impressive 90% of Vietnamese crypto users expressed a clear preference for decentralized trading platforms.
A surging marketplace
The Vietnamese administration has shown great interest in adopting blockchain technology, as evident by the unveiling of their National Blockchain Strategy by the Ministry of Information and Communications in October. This strategy includes giving legal legitimacy to digital assets, which is one of its key components.
Bitget boasts more than 45 million registered users. In the second quarter of 2024, it announced a $700 million surge in capital and a 50% rise in user traffic compared to the previous quarter. On December 3, they added Hedera (HBAR) to their platform, coinciding with BitEXC’s debut.
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2024-12-03 20:36