South Korea's Bithumb ties up with SSID to develop virtual asset exchange in Vietnam

South Korea's Bithumb ties up with SSID to develop virtual asset exchange in Vietnam

Bithumb, South Korea's second-largest cryptocurrency exchange, has signed a deal with SSID, a subsidiary of SSI Securities, to enter Vietnam's cryptocurrency market.

Bithumb announced on May 7 that it had signed an MoU with SSID to cooperate on a local virtual asset exchange business.

The MoU aims to establish a strategic partnership for the development and operation of a virtual asset exchange in Vietnam. Bithumb is also considering the possibility of making a strategic equity investment in SSID's designated entity, subject to regulatory approval for virtual asset activities in Vietnam.

Under the partnership, the two sides will collaborate on technology architecture and development, wallet and custody systems, security and risk management, regulatory compliance and knowledge transfer, business and product development, and institutional services.

Leveraging extensive experience in exchange operations and security technologies, Bithumb will support the development of a stable trading infrastructure in line with Vietnam’s regulatory environment. Meanwhile, SSI Securities and SSID will accelerate the project with their local understanding of the financial market and extensive network.

Bithumb's representative said, “Our cooperation with SSI Securities and SSID, Vietnam's established traditional financial institutions, demonstrates international recognition of Bithumb’s operational capabilities and transparency. We will prioritise full compliance with Vietnamese regulations and work together to build a safe virtual asset trading infrastructure.”

Besides Bithumb, Dunamu, operator of South Korea’s largest cryptocurrency exchange Upbit, has signed an MoU with Military Bank to launch Vietnam’s first domestic digital asset exchange.

VIR