Representatives of Kronn Ventures AG and Linh Thanh Group after signing an MoU ob the production of a cryptocurrency and the establishment of an exchange in Vietnam (Photo: prnewswire.com) Hanoi (VNS/VNA) - Vietnam will soon launch a newcryptocurrency exchange – the first of its kind in the country.
KronnVentures AG, a blockchain-focused company from Switzerland, is behind the move.
The Swisscompany last week signed a memorandum of understanding with Vietnamesedistribution company Linh Thanh Group for the production of the cryptocurrencyand the establishment of an exchange in Vietnam.
They haveobtained a licence for the launch of a cryptocurrency exchange, according tothe Swiss company’s source.
KronnVentures AG is based in Zug, which is known as the “Silicon Valley” ofcryptocurrencies by the global crypto community.
In October2018, the firm formed a consortium with financial committees of five developingAsian countries, including Vietnam, the Philippines, Cambodia, Bangladesh andSri Lanka to build an international wiring system using blockchain technology.
With thehelp of the Linh Thanh Group, Vietnam became the first place to kick start theAsia-wide transnational wiring system.
Accordingto the Linh Thanh Group, cooperation with Kronn Ventures will lead to aworld-class cryptocurrency exchange as the firm is a leading blockchain companythat also collaborates with King’s College in London on AI research.
Prices ofcryptocurrencies are declining around the world, coming off a high created byexcessive speculation. However, large banks on Wall Street and in otherdeveloped countries are increasing their investments in blockchain technologyand cryptocurrencies.
Vietnam iscatching up with its neighbors in Asia by investing in developing thetechnology.-VNS/VNA
VNA
