Linh Thanh Group, the largest distribution company in Vietnam have obtained a licence to establish a crypto exchange in Vietnam. They have signed a memorandum of understanding (MOU) with Kronn Ventures AG, a blockchain company from Zug, Switzerland. According to a press release, the group has received a license from regulators to launch the crypto exchange.
The partnership connects Linh Thanh Group’s wide distribution network and Kronn’s digital infrastructure. A formal date for the launch of the exchange has not been announced, it is thought that it will go live in the second half of this year.
Kronn formed a consortium with the financial committees of five Asian countries last year in order to build an international wiring system using blockchain technology,that suits the Asian environment. Vietnam was the first country to sign the deal, however, the other four countries, Cambodia, Bangladesh, Sri Lanka and the Philippines are now voicing concerns about their own crypto opportunities. They would all like to be the first to kickstart the Asia-wide transnational wiring system using blockchain technology.
Heading Towards A World Class Crypto Exchange
The Linh Thanh Group has said that the impact its partnership will have will not only be experienced in Vietnam, but right across the region. An official statement claimed that working with Kronn would lead to a world-class crypto exchange thanks to Kronn’s lead in blockchain technology and their experiences collaborating at King’s College London on Artificial Intelligence research.
Kronn claim in their white paper that the “unaccountable hidden fees and unexplainably stretched waiting times”, leave people wondering why banks take so long to transfer money. With a “lack of clarity” about what the banks are doing, people are turning to digital currencies.
They say that all international fees and waiting times are waived by their coverage making sending money abroad straightforward for users.
“To address the poor usability of cryptocurrencies we have formed a global exchange network that makes it incredibly convenient to buy cryptos and withdraw fiat at domestic rates and times”.