South Korean crypto exchange Bithumb announced Thursday that it has signed a memorandum of understanding with SSI Digital (SSID) to offer digital asset trading services in Vietnam.
The strategic partnership, which was signed in March but only announced today, is set to focus on establishing and operating a digital asset exchange in Vietnam. SSID is a subsidiary of Vietnam's largest securities firm, SSI, that backs startups in blockchain and AI.
The press release said the two will cooperate on various aspects of building the crypto exchange, including wallet and custody systems, security and risk management, compliance, and business and product development.
Contingent on local authorities' approval, Bithumb may consider a strategic investment in SSID's upcoming crypto exchange venture, the release said.
"We will make strict compliance with the regulatory environment of Vietnam's financial authorities our top priority and work together [with SSID] to build a safe virtual asset trading infrastructure," a Bithumb spokesperson said in the press release.
Eyeing Vietnam
Vietnam has an active crypto market, with around 17 million digital asset owners. Chainalysis ranked Vietnam fourth on its 2025 Global Crypto Adoption Index, behind India, the U.S., and Pakistan.
"[Vietnam] shows crypto as everyday infrastructure for remittances, gaming, and savings," Chainalysis wrote.
Last August, Bithumb's rival Dunamu (Upbit) signed an MOU with Vietnam's state-run Military Bank to support the establishment of a crypto exchange. Its MOU is similar to Bithumb's announcement today, as Dunamu said it would transfer technology and security infrastructure to the Vietnamese bank.
Meanwhile, Bithumb recently pushed back its IPO plans to 2028, initially targeted for the second half of 2025. The exchange suffered a fat-finger error earlier this year, in which an employee mistakenly distributed 620,000 BTC to customers, drawing criticism and scrutiny over its apparent lack of internal risk management.