When in the last year, VBTC Vietnam Co. Ltd. (VBTC.vn), an established Vietnamese Bitcoin exchange had announced a partnership with Coinarch Pte. Ltd to offer services to the customers in the country, it was expected to make big. Now it is the time to realize their goal as the largest Bitcoin exchange is relaunching on BlinkTrade’s Bitcoin exchange platform.
According to a release the company is looking to explore Vietnam’s USD $14 billion remittance market. The best part about the latest deal is that the exchange promises one-hour international remittances to Vietnam with cash withdrawals at thousands of locations nationwide which is expected to attract the customers.
Unbanked Population in Vietnam Gives Hope for Bitcoin
Vietnam not just has huge market for remittances but a huge population which has been untouched by the banking organizations. VBTC, a project of startup Bitcoin Vietnam, is taking aim at the same unbanked population. The organization will enable users to deposit and withdraw cash from more than 9,200 locations across Vietnam.
Nonetheless, there will be a set process wherein it will allow the verified users enjoy instant Bitcoin deposits, which enable them to trade without keeping funds on deposit at all times at VBTC. Additionally, VBTC says it’s serious about security and keeps its reserves in a cold, multisig BitGo wallet, signed by Bitcoin Vietnam, BlinkTrade, and BitGo.
Thus, there is complete security assurance on behalf of the company as at least two parties must sign to release funds and BitGo insures the wallet up to USD $250,000 against a failure of their own operational security.
Send Funds from Around the World
VBTC claims that customers from anywhere in the world can send money to people in Vietnam in less than an hour. Nonetheless, the exchange receives the sender’s Bitcoin and converts it to local currency. Additionally, as recipients can withdraw the funds using the nationwide network, there won’t be any issue regarding the possession of actual cash.
The entire development indeed is going to help the people in Vietnam which depends heavily on the remittances. The country is among the top ten countries in the world to receive US Dollar remittances with a 2015 estimated volume between USD $13 and $14 billion. The company will make things easier and less pressing for people dependent on remittances.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org