This week the trading platform Bvnex Exchange announced the support of bitcoin cash on the Vietnam-based fiat-crypto trading platform. The support gives the Vietnamese market and other regions in Asia, the ability to trade bitcoin cash for VNDT- Vietnam dong.
On June 2, 2020, the crypto exchange Bvnex listed bitcoin cash on the cryptocurrency trading platform with the VNDT- Vietnam dong. The move brings the peer-to-peer cryptocurrency BCH to the Vietnamese market and surrounding areas in Asia.
The official launch of VNDT with a myriad of other digital assets hosted on Bvnex took place last September. Adding bitcoin cash support gives Bvnex patrons a chance to trade against bitcoin cash (BCH), and buy and sell the fifth-largest cryptocurrency by market capitalization.
According to public trade data, Bvnex has roughly $55 million USD in crypto-to fiat trade volume. Bvnex also offers trades in stablecoin trading pairs as well like tether USDT. With bitcoin cash added there are now over 30 trading pairs with the core Vietnam fiat.
The company claims there are +150,000 Chinese users leveraging the exchange and +20,000 Vietnamese users to date. Adding bitcoin cash support gives users the ability to leverage a lighting fast digital asset with extremely affordable transaction fees.
“With a step by step preamble to introduce BCH to the Vietnamese Crypto Community, Bvnex already had an exclusive interview with ‘Bitcoin Jesus’ Roger Ver about ‘The potential of the Vietnamese market and the way BCH can be adopted as digital cash,’” explains the Bvnex announcement on Tuesday. “As a result, a written interview article will be distributed widely in the Vietnamese Crypto Community, this step will help bitcoin cash (BCH) gain significant attention from this emerging market in Asia.”
The Vietnamese crypto-asset market has been thriving for years, but the powers that be haven’t created clear regulations for cryptocurrency yet. Although, the “Vietnam government still embraces technology innovations and the blockchain field,” the Bvnex team stresses.
In 2019, Vietnam’s Ministry of Justice (MOJ) invoked a conference that spurred the regulation conversation concerning crypto assets. Bvnex CEO Trang Phung has worked as an adviser for legal seminars and discussions.
According to the Bvnex team, Trang Phung and many other blockchain movers and shakers, have been asking for a ‘sandbox’ for the technology. Something the Vietnam market can model from many other countries in Southeast Asia already leveraging digital assets.
Phung and Bvnex have also explained to news.Bitcoin.com that “Vietnamese traders are one of the most dynamic and emerging in the crypto-verse.”
“Traffic from Vietnam is usually in the top five of many major exchanges such as Binance, Huobi, and MXC,” the Bvnex team details. “The young population structure and a high percentage of smartphone users lead to widespread adoption in Vietnam.”
What do you think about the BCH/VNDT listing announcement on Bvnex? Let us know in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Bvnex Exchange, Bitcoin Cash logo
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