Bitget Launches BitEXC in Vietnam, Aiming to Capture Growing Crypto Market Potential

• Bitget aims to revolutionize the Vietnamese crypto landscape with the launch of its new exchange, BitEXC, designed specifically for local users.

• As Vietnam ranks second globally in cryptocurrency ownership, Bitget is positioning itself to tap into this burgeoning market by offering tailored customer support and educational resources.

• Gracy Chen, CEO of Bitget and BitEXC, emphasized the need for platforms that recognize the unique characteristics of the Vietnamese crypto audience.

Bitget’s new exchange BitEXC launches in Vietnam, aiming to tap into the country’s growing crypto market with tailored services and local support.

BitEXC: A Tailored Exchange for Vietnamese Traders

With the launch of BitEXC, Bitget is strategically enhancing its presence in Southeast Asia, a move fueled by Vietnam’s impressive cryptocurrency adoption rate. According to the exchange, approximately 21.2% of the Vietnamese population owns digital currencies, making it a ripe market for expansion. Gracy Chen articulated this potential succinctly, stating:

Local Insights and Strategic Offerings

BitEXC’s design prioritizes local needs, incorporating features such as peer-to-peer (P2P) trading, spot and futures trading as well as payment integrations with prominent local services like ViettelPay, Momo, and ZaloPay. This integration aims to streamline transactions and enhance user experience from the outset. On its inaugural day, P2P trading was the only operational service, but plans for the rollout of an Earn program and copy trading functionality are anticipated within the coming months, marking a significant expansion of the platform’s offerings.

The Promise of Security and Protection

One key advantage for BitEXC users is the implementation of the Bitget Protection Fund, a robust safety net comprising a $300 million pool held in Bitcoin (BTC) and Ether (ETH). This fund aims to safeguard users from unexpected market turbulence and instill confidence in the trading environment, which is crucial for attracting a broader range of cryptocurrency investors.

The Vietnamese Crypto Market Landscape

The appetite for cryptocurrencies in Vietnam is further validated by a recent survey indicating that around 90% of local traders prefer decentralized exchanges (DEXs). This overwhelming inclination highlights the competitive edge BitEXC may have as it seeks to incorporate the features that resonate with the local user base. The exchange’s focus on localized support and specialized products is critical in positioning itself as a trusted platform amid an evolving digital asset landscape.

Government Support for Blockchain

The Vietnamese government’s proactive stance towards blockchain technology is another favorable factor for BitEXC’s potential success. In October, the Ministry of Information and Communications unveiled a National Blockchain Strategy, which includes the legal acknowledgment of digital assets. This landmark development not only legitimizes cryptocurrencies but also sets a supportive framework for exchanges operating in the region.

Bitget’s Expanding Footprint

Currently boasting over 45 million users, Bitget is witnessing significant growth, reporting a capital inflow of $700 million during the second quarter of 2024 while achieving a 50% increase in traffic. The recent listing of Hedera (HBAR) coinciding with BitEXC’s launch reflects the exchange’s commitment to enhancing its service offerings and responding to market demands.

Conclusion

BitEXC’s introduction to the Vietnamese market represents a carefully crafted effort to meet the unique demands of local traders. By ensuring tailored customer support, security measures, and an understanding of the local cryptocurrency landscape, Bitget positions itself to effectively seize a substantial portion of this vibrant market. With ongoing developments and a supportive regulatory environment, the future looks promising for BitEXC and its users.