Linh Thanh Group and KRONN Ventures AG have signed a memorandum of understanding to establish a cryptocurrency exchange in Vietnam. The license for the exchange has reportedly already been approved.
In October 2018, Swiss blockchain company KRONN Ventures AG formed a consortium with financial committees represented by five countries: Vietnam, Philippines, Cambodia, Bangladesh, and Sri Lanka. The idea was to build an ecosystem of blockchain innovators in Asia.
Now, we have the most high-profile addition to KRONN Ventures AG’s efforts. Linh Thanh Group, the largest distribution company in Vietnam, has partnered with the company. The plan is to establish the first authorized cryptocurrency exchange in Vietnam. They already obtained the regulatory license to make this a reality, according to a press release.
However, other Asian countries in the consortium have expressed concern over their own opportunities diminishing in the blockchain space as a result. Yet, Linh Thanh Group has said that the effect of its partnership will be felt not only in Vietnam but throughout the region.
The partnership brings together Ling Thanh Group’s massive distribution network and the digital infrastructure already produced by KRONN Ventures.
Despite the bearish market, investments in blockchain technology remain high. Feeling this growing pressure, developing Asian countries have been following the money: Vietnam has been investing in blockchain more aggressively within the past year. The announced partnership is the country’s most high-profile move in the cryptocurrency sector to date.
KRONN Ventures AG started off 2019 strong with an announced collaboration with Bitforex in January. Now, it can add Ling Thanh Group to its list of high-profile partnerships this year.
The authorized cryptocurrency exchange in Vietnam has yet to announce a formal date for launch, but don’t expect the platform to go live until at least late 2019.
What do you think of the partnership? Will developing countries in Asia garner a firmer grasp on the nascent blockchain and cryptocurrency space? Let us know your thoughts below in the comments.