Vietnam’s largest Bitcoin exchange, VBTC, is relaunching on BlinkTrade’s Bitcoin exchange platform with an eye on Vietnam’s USD $14 billion remittance market. The exchange promises one-hour international remittances to Vietnam with cash withdrawals at thousands of locations nationwide.
VBTC, a project of startup Bitcoin Vietnam, is taking aim at the unbanked population and will enable users to deposit and withdraw cash from more than 9,200 locations across Vietnam.
Verified users enjoy instant bitcoin deposits, which enable them to trade without keeping funds on deposit at all times at VBTC.
Reserves Held in Cold Multisig Wallet
VBTC says it’s serious about security and keeps its reserves in a cold, multisig BitGo wallet, signed by Bitcoin Vietnam, BlinkTrade, and BitGo. 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.
Customers anywhere in the world can send cash to loved ones in Vietnam in less than an hour, according to Bitcoin Vietnam Co-Founder Dominik Weil. The exchange receives the sender’s bitcoin and converts it to local currency. Recipients can withdraw the funds using the nationwide network.
VBTC will allow us to handle Bitcoin remittance services towards Vietnam in a very fast and price-competitive way. In an ideal setup it will take you less than one hour to send funds to your beloved ones in Vietnam – from sending the Bitcoins to us until the recipient in Vietnam holds the cash in his hands. This is already possible today, said Weil in a press release.
Top Remittance Market but Concerns Remain
Vietnam 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, according to the company.
Despite central bank warnings, Bitcoin is not prohibited in Vietnam but neither are Bitcoin payments or funds protected by the law. Bitcoin Vietnam claims to be in discussions with the government to define regulations for Bitcoin usage in Vietnam and the company claims compliance with international KYC/AML guidelines.
New York-based BlinkTrade adds Vietnam to its existing network of Bitcoin exchanges in Brazil, Venezuela, Chile and Pakistan. BlinkTrade now also aims to connect remittance companies in the US with BlinkTrade exchanges to reduce remittance costs and increase speed.
Image courtesy Shutterstock.