Viet Nam will soon launch a new cryptocurrency exchange – the first of its kind in the country.

Representatives of Kronn Ventures AG and Linh Thanh Group after signing a memorandum of understanding for the production of a cryptocurrency and the establishment of an exchange in Viet Nam. — Photo prnewswire.com

Kronn Ventures AG, a blockchain-focused company from Switzerland, is behind the move.

The Swiss company last week signed a memorandum of understanding with Vietnamese distribution company Linh Thanh Group for the production of the cryptocurrency and the establishment of an exchange in Viet Nam.

They have obtained a licence for the launch of a cryptocurrency exchange, according to the Swiss company’s source.

Kronn Ventures AG is based in Zug, which is known as the “Silicon Valley” of cryptocurrencies by the global crypto community.

In October 2018, the firm formed a consortium with financial committees of five developing Asian countries including Viet Nam, the Philippines, Cambodia, Bangladesh and Sri Lanka to build an international wiring system using blockchain technology.

With the help of Linh Thanh Group, Viet Nam became the first place to kick start the Asia-wide transnational wiring system.

According to Linh Thanh Group, co-operation with Kronn Ventures will lead to a world-class cryptocurrency exchange as the firm is a leading blockchain company that also collaborates with King’s College in London on AI research.

Prices of cryptocurrencies are declining around the world, coming off a high created by excessive speculation. However, large banks on Wall Street and in other developed countries are increasing their investments in blockchain technology and cryptocurrencies.

Viet Nam is catching up with its neighbors in Asia by investing in developing the technology. – VNS