Switzerland based blockchain platform KRONN is set to bring some crypto love to Vietnam! The largest development company in the country, the Linh Thanh Group has decided to partner up with KRONN to set up Vietnam’s first fully-authorized cryptocurrency exchange.
The news was announced as per a press release that stated the two companies had signed a memorandum of understanding to develop a crypto exchange and trading platform and begin the process of obtaining a license.
Back in 2018, the Swiss company said that it partnered up with 5 Asian countries from the developing side which included Vietnam along with Cambodia, the Philippines, Sri Lanka and Bangladesh to create what they dubbed an “international wiring system using blockchain technology that fits with the Asian environment.”
Vietnam has left it’s competition behind by being the first out of the five to sign an MOU and bag a deal with KRONN and in some ways this is pretty worrying for the other players since they lost the chance to be the first in the region to use blockchain to develop and implement a continent wide transnational wiring system. Now, thanks to the Linh Thanh group, Vietnam has the obvious advantage.
According to an official statement from the Linh Thanh Group by working with the Swiss blockchain platform, the two aim to create a “world-class cryptocurrency exchange,” as KRONN is “known widely as a leader in blockchain technology in Switzerland.”
Further the statement also added,
“The industry expectation is that by combining Linh Thanh Group’s massive distribution network, which is the largest in Vietnam, with the world-class technology of KRONN Ventures, the impact will be widely felt not only in Vietnam but also in other surrounding Asian countries.”
On the one side, just as more and more Asian key players are being forced to invest and delve into the world of blockchain technology, on the other hand, there has also been an increased crack down on digital asset and exchange regulation by governments. Even Vietnam has had it’s trouble with a popular crypto Bitcoin exchange as it was forced to seize it’s domain as it came under scrutiny for providing digital services while not being registered with the government.