AEX Launches $100m Fund To Support Blockchain Development In Vietnam

AEX Exchange, a leading digital asset management and blockchain custody firm, has launched a $100 million fund with the intention of supporting blockchain development in Vietnam.

Dubbed as the “National Plan,” the fund will be used to accelerate the development of Vietnam’s growing blockchain sector, with the goal of incubating high-quality projects and helping achieve regulatory compliance for crypto-financial businesses. According to AEX, it is also planning to offer crypto financial derivatives in Vietnam, as well as having plans to open an office in the country.

“Southeast Asia, where Vietnam is, is the key to AEX Global Ecosystem Layout. We will establish a 100 million dollar special support fund in Vietnam for the development of the Vietnamese blockchain ecosystem,” shares Shergina Asya, Chief Brand Officer at AEX.

Established in 2013, AEX has a presence in the United States, Canada, Thailand, Vietnam, Russia, Turkey, South Korea, Nigeria, and Indonesia. AEX is focused on serving its users with secure investments, stable value added, and the provision of user protection through encryption licenses, and compliant operational frameworks. As an exchange, AEX supports over 300 cryptocurrencies for over a million active users.

“Vietnam, which has initiated reforms and openness, has a huge income from the demographic dividend of young people and is the country with the fastest growth in the number of rich people in the world. According to the reports on Vietnam’s recruitment and labor market, the demand of the blockchain industry in Vietnam has increased by 140% in recent years, which shows that the wave of blockchain and cryptocurrency is sweeping Vietnam,” AEX said in its official press release.

The firm also mentioned that, given the country’s fast-growing market and the popularity of Axie Infinity, whose development team is based in Vietnam, harnessing the creative capabilities of Vietnam’s blockchain scene would be a key cornerstone for a strategy to expand its presence in the Southeast Asian region.

Aside from the crypto development fund, AEX is also set to launch the Vietnamese Blockchain Technology Competition and Hackathon by Q3 2022.

In related news, Vietnam’s Ministry of Finance has established a research group last year, which will be focused on helping the country’s central bank create its own central bank digital currency (CBDC), with a pilot program set until 2023. Pham Minh Chinh, Vietnam’s Prime Minister, has led this initiative, asking the country’s central bank to oversee the blockchain research program.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.