Vietnam’s very first official bitcoin broker, Bitcoin Vietnam, recently announced the relaunch of VBTC, Vietnam’s very first bitcoin exchange toneelpodium. The fully upgraded exchange, now ter partnership with Fresh York-based bitcoin remittance technology provider, BlinkTrade, is swifter, more secure, and has a fresh concentrate on enabling Bitcoin remittance services for the unbanked population of Vietnam.
Remittance solutions company BlinkTrade wasgoed founded te 2013 spil a white-label bitcoin exchange. With the help of the Boost.VC accelerator, it has since evolved, now providing remittance technologies to exchanges, brokers, and companies.
“BlinkTrade is building a network of bitcoin exchanges across the globe, with presence presently te Brazil, Venezuela, Pimiento, Pakistan and now Vietnam. Wij are connecting Remittance companies ter the USA with exchanges ter the Blinktrade Bitcoin Exchanges network; aiming to reduce costs of remittances while increase the speed of settlement.”
– Rodrigo Souza, Blinktrade Co-Founder
Blinktrade is focused on Vietnam spil it sorely lacks modern financial infrastructure. According to 2014 gegevens from the World Handelsbank, about 31 procent of Vietnam’s population reported having an account at a handelsbank or financial institution, compared to the completo media of 62 procent.
Albeit this is quiebro an increase, from 21 procent ter 2011, approximately 70 procent of the Vietnamese population has no access to modern banking solutions.
It should be noted that wealth is not the only factótum that permits access to the banking system. Among the country’s richest 60 procent, only 39 procent reported having an account at a financial institution.
According to the World Canap statistics, Vietnam receives the 11th highest amount of remittances of any country, with India and China scoring the top two positions.
Vietnam’s remittance inflows have bot enhancing steadily overheen the years, with the 2014 remittance inflow of approximately US$12 billion.
The Vietnamese receive most of their remittances from family te the US, followed by Australia and Canada. Remittance from the US is estimated at US$6.8 billion, whereas Australia only sends US$1 billion to the country.
More than just a remittance solution, however, with this relaunch BlinkTrade hopes to provide the unbanked population with access to modern banking alternatives, all 70 procent of them.
Almost everything about the VBTC service has bot substituted, but perhaps the most exceptional upgrade is the fresh capability deposit and withdrawal contant from more than 9,200 banking locations ter the country. Without the need for a handelsbank account.
“These locations are all of the commercial handelsbank branches ter Vietnam. Wij are making use of a system, which when translated to English, means something like ‘Cash-to-ID’.” Dominik Weil, Bitcoin Vietnam Co-founder, told Plucky Fresh Coin. “All wij need is the ID gegevens of the customer to send the money to the chosen handelsbank branch, and the client can withdraw the money ter specie. (With no need for a canap account.)”
This unprecedented level of access to remittances is available now, and permits for anyone ter the country to pick up remittance payments at their nearest handelsbank, te Đồng, the circunscrito currency.
“VBTC will permit us to treat Bitcoin remittance services towards Vietnam te a very swift and price competitive way. Te an ideal setup it will take you less than one hour to send funds to your beloved ones te Vietnam, from sending the Bitcoins to us until the recipient te Vietnam holds the specie te his mitts.”
– Dominik Weil, Bitcoin Vietnam Co-founder
Related video: UPDATE: News from EOS on Token Registration
All with competitive fees, spil well. “The transaction cost for specie withdrawals are even cheaper than the ordinario handelsbank wire fees to the client’s account,” Weil added.
On top of remittance solutions, using banking locations permits for instant bitcoin deposits into the VBTC exchange, permitting verified users to quickly fund trades on the exchange, and make trades without leaving funds on the exchange for prolonged periods of time.
However, there is now a loterijlot less risk if users leave funds with them spil security wasgoed another major upgrade. By integrating with industry-leading multisig wallet technology provider BitGo, VBTC provides secured account trading with multi-signature cold wallets, which require co signing by two of the three parties involved, BlinkTrade, Bitcoin Vietnam, and BitGo, te order to stir customer funds.
Related video: Binance CEO Says Bitcoin Mining May Move to Cheaper Places
Not only do two out of three security systems need to be breached ter any possible theft of bitcoin at the exchange, but BitGo also provides insurance of up to US$250,000 ter case of operational security failures.
Contrary to previous rumors, bitcoin use has never bot prohibited ter Vietnam, even after the State Handelsbank publicly proclaimed that bitcoin has no permitido tender status, te Feb 2014, and that funds or payments te Bitcoin are not protected by the law.
“Even if Bitcoin ter itself may be still at a very nascent stage te Vietnam so far, the tech sector especially te our location of Ho Chi Minh City is expanding rapidly year by year; the youth of our nation is adopting to fresh technologies ter a fascinating speed. cryptocurrency will play an significant part ter the daily life/operations of consumers and business.”
– Nguyen Tran Bao Phuong, CEO of Bitcoin Vietnam
While bitcoin is nowhere near being widely used and adopted ter the country yet, the petite bitcoin community and militar rente are both rapidly growing. Bitcoin Vietnam are ter talks with the country’s State Bankgebouw, and a department of public security, to define applicable regulations for Bitcoin usage te the country.