Kronn Ventures AG has partnered with Linh Thanh Group to launch Vietnam’s first authorised crypto exchange.
The two companies signed a memorandum of understanding (MOU) for the production of crypto and the establishment of a crypto exchange in Vietnam, as per a recent press release.
Linh Thanh Group is the largest distribution company in Vietnam, while Kronn Ventures is a blockchain company from Zug, Switzerland.
Back in October 2018, Kronn Ventures formed a consortium with financial committees of five Asian developing countries including Vietnam, the Philippines, Cambodia, Bangladesh, and Sri Lanka to build an international wiring system using blockchain technology that suits the Asian environment.
Reportedly, since Linh Thanh Group became the first to secure the deal, the remaining parties in the consortium have grown fearful that they will be deprived of the opportunity to kick-start the transnational wiring system.
The Linh Thanh Group has expressed that working with Kronn Ventures will lead to the development of a world-class crypto exchange.
Kronn Ventures is known widely as a leader in blockchain technology in Switzerland. The industry expectation is that by combining Linh Thanh Group’s large distribution network with the world-class technology of Kronn Ventures, the impact will be widely felt across all of Asia.
The press release details how with the recent plunge in the crypto markets, a pessimistic outlook has emerged in the wider world.
In the midst of mixed opinions, many global companies such as those based on Wall Street have begun investing heavily in the crypto space.
Now, developing Asian countries including Vietnam are also aggressively investing in crypto and its technologies.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.