Bitget Launches BitEXC, a Customized Crypto Exchange for Vietnam

Cryptocurrency exchange Bitget has unveiled a new trading platform tailored specifically to the Vietnamese market. The exchange, named BitEXC, aims to meet the unique needs of local crypto users by providing personalized services, including local customer support and educational outreach.

Targeting Vietnam's Growing Crypto Market

BitEXC is part of Bitget’s broader strategy to expand its presence in Southeast Asia, particularly in Vietnam, which ranks second globally for cryptocurrency ownership. According to Bitget, approximately 21.2% of the Vietnamese population owns digital assets, making it a highly attractive market for crypto exchanges.

Gracy Chen, CEO of Bitget and BitEXC, emphasized the potential of the Vietnamese market, stating, “Vietnam has shown tremendous potential in crypto, but the market still needs platforms that truly understand and cater to its unique audience. BitEXC was created to bridge this gap by providing local support and products customized for its crypto users.”

Features and Offerings

BitEXC offers a variety of trading options, including peer-to-peer (P2P) trading, spot, and futures trading. The platform accepts payments through popular local payment methods such as ViettelPay, Momo (a Vietnamese service of Canadian payment processor Nuvei), and ZaloPay, which is integrated with the popular Zalo messaging app. On its launch day, the platform only activated P2P trading, but additional features like an Earn program and copy trading are set to launch within the next three months.

BitEXC operates on the same infrastructure as Bitget, ensuring the platform benefits from the same robust technology and security features. Additionally, users of BitEXC will be covered by the Bitget Protection Fund, a self-financed $300 million fund held in Bitcoin (BTC) and Ether (ETH), designed to protect users from unforeseen market volatility.

A Strategic Move to Compete with Decentralized Exchanges

Vietnamese crypto users have shown a strong preference for decentralized exchanges (DEXs), with a 2023 survey indicating that 90% of the market prefers using decentralized platforms. In light of this, BitEXC aims to capture a large portion of this market by offering a centralized platform that understands and accommodates local preferences while providing added security and reliability.

A Growing Crypto Ecosystem in Vietnam

Vietnam’s government has been supportive of blockchain technology, with the Ministry of Information and Communications launching a National Blockchain Strategy in October. The strategy aims to legally recognize digital assets, which is expected to further foster the growth of the country’s crypto market.

Bitget’s Growing Presence

Bitget, which claims to have over 45 million users globally, is seeing strong growth. In the second quarter of 2024, the exchange reported a $700 million capital inflow and a 50% increase in traffic from the previous quarter. On December 3, the same day BitEXC launched, Bitget also listed Hedera (HBAR), signaling its commitment to expanding its product offerings.

With its strategic focus on Vietnam and the growing demand for crypto services, BitEXC has the potential to capture a significant share of the country’s crypto market. As the platform develops and expands its features, it is poised to become a major player in Southeast Asia’s rapidly growing digital asset landscape.