Bvnex, a crypto exchange, has recently made an announcement. The Vietnam-based fiat-crypto exchange platform has now incorporated support for trading pairs with Bitcoin Cash and the Vietnamese Dong. This BCH/VNDT trading pair will be made available in Vietnamese markets, as well as other regions in Asia.
Announcing Integration With BCH
The announcement itself came on the 2nd of June, 2020, when the crypto exchange officially listed the trading pair on its platform. The move itself allows for the peer-to-peer cryptocurrency, BCH, to spread within Vietnam, as well as the surrounding areas within the Asian country.
Last September marked the beginning of the VNDT launching with a wide array of digital asset trading pairs within the Bvnex exchange. The addition of support for BCH allowed the patrons of the exchange to trade against BCH, as well as buy and sell one of the world’s largest cryptocurrencies by market capitalization.
A Heavy Player For China’s Traders
Coingecko, a crypto data aggregator, shows that Bvnex holds an estimated $55 million in trade volumes within the crypto-to-fiat space. Bvnex offers other trading pairs that leverage stablecoins, as well, including the ever-popular Tether coin (USDT).
According to the company itself, more than 150,000 Chinese users leverage the exchange, with more than 20,000 Vietnamese users doing the same. With the addition of support for the BCH, users within the exchange will be capable of leveraging the digital asset with very affordable transaction fees, as well.
Aiming To Spread BCH Across Asia
Bvnex’s announcement explained that it had done a step-by-step preparation process to introduce the BCH within Vietnam’s crypto space. The crypto exchange even had an exclusive interview with Roger Ver, heralded by some to be the “Bitcoin Jesus.” According to the exchange’s announcement, there stands a massive potential within Vietnam’s market for the presence of BCH, particularly its potential for being adopted as a form of digital cash.
Due to this, the written interview will be distributed far and wide within Vietnam’s crypto community, the announcement states. This will stand as a bid from the exchange itself to spread the influence of BCH across the Vietnamese crypto space.
Vietnam’s crypto market has seen a steady growth in recent years. However, the Vietnamese government has yet to create a clear legal framework for crypto regulation. However, Bvnex was quick to stress the fact that the Vietnamese government is still embracing technological innovations, including that of blockchain.
Back in 2019, the Vietnamese Ministry of Justice (MOJ) enacted a conference that had fast-tracked the talks of crypto regulation within the government. Trang Phung, the CEO of Bvnex, acted as an adviser for the legal seminars and discussions.