VBTC first launched earlier this summer with the help of Israeli Bitcoin exchange Bit2C. Nguyen Tran Bao Phuong, CEO of VBTC Vietnam Co. Ltd., told the press:
We are very pleased to announce today the results of the dedicated work of our developer teams over the last weeks. It is a significant award and proof of trust to the advancing Vietnamese hi-tech startup scene, which enables us to close such strategic international partnerships with worldwide industry-leading companies like Coinarch. It is a pleasure to work with Jeremy and his team, which can look back on decades of experience in international finance and high-end technology
Phuong believes that the new offerings will bring Bitcoin trading some legitimacy in Vietnam. The new partnership establishes VBTC in Vietnam and also helps CoinArch spread its international brand. Phuong explained:
The spill-over effects of international cooperation and mutual exchange of knowledge will allow the domestic industry to grow and prosper along this way; paving the path for further international integration of the Vietnamese economy. We believe, that this is a great – and necessary – step forward for the development of the domestic market to provide Vietnamese clients direct access to such technological top-notch solutions.
Despite multiple warnings from the Vietnamese Government that Bitcoin would not be met favorably, the Vietnamese Bitcoin community has grown. Specifically, Vietnam’s Central Bank has specifically blocked credit institutions within Vietnam from offering digital currency services. The moves from Vietnam’s Central Bank echo the words of China’s Central Bank, the People’s Bank of China.
Phuong also runs Bitcoin Vietnam Co. Ltd., which is VBTC Plus’s listed Vietnamese Bitcoin wallet provider. Bitcoin Vietnam also provides simpler buying and selling services for Vietnamese Bitcoin users that are not interested in the fast-paced world of Bitcoin and forex trading. Bitcoin’s growth in Vietnam is bolstered by growth in the Bitcoin communities of neighboring countries as well, increasing utility for all local bitcoiners.
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