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Bitget is looking to capture a massive market from DEXs as it opens an affiliate designed especially for users in Vietnam.
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Cryptocurrency exchange Bitget has launched a new trading platform in Vietnam. BitEXC will be tailored to Vietnamese preferences and provide local customer support and educational outreach, it promised.
Crypto trading Vietnamese-style
The launch of the new exchange is a strategic part of Bitget’s expansion in Southeast Asia, as Vietnam ranks second worldwide for cryptocurrency ownership. About 21.2% of the population owns digital assets, according to the exchange. Bitget and BitEXC CEO Gracy Chen said:
“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.”
Besides peer-to-peer (P2P) trading, BitEXC offers spot and futures trading. It accepts payment through the state-owned ViettelPay, Momo — the Vietnamese service of Canadian Nuvei — and ZaloPay, part of the local Zalo instant messaging system. Only P2P trading was active on the site’s first day.
An Earn program and copy trading are expected to launch within the next three months.
The BitEXC roadmap. Source: BitEXC Vietnam
BitEXC will use the Bitget infrastructure. The Bitget Protection Fund will extend coverage to BitEXC users. That $300-million self-financed fund, held in Bitcoin (BTC) and Ether (ETH), is intended to counteract unforeseen market volatility.
BitEXC could capture a large market share in Vietnam if its launch is successful. A survey conducted in 2023 found that Vietnamese crypto users showed an overwhelming (90%) preference for decentralized exchanges.
Related: Crypto firms airdrop tokens to support Vietnam typhoon victims
A surging marketplace
The Vietnamese government has embraced blockchain technology with enthusiasm. The Ministry of Information and Communications released a National Blockchain Strategy in October. Part of the strategy is the legal recognition of digital assets.
Source: Bitget
Related: Vietnamese Web3 coalition Ninety Eight launches $25M ecosystem fund
Bitget claims over 45 million users. In the second quarter of 2024, it reported a $ 700 million capital inflow and a 50% increase in traffic quarter-on-quarter. It listed Hedera (HBAR) on Dec. 3, the same day as BitEXC debuted.
Magazine: Bitcoin ETF optimist and Worldcoin skeptic Gracy Chen: Hall of Flame
This article first appeared at Cointelegraph.com News
