Komal Joshi · Oct 29, 2020 . 5min read
BitMEX’s 100x Ventures Invests $1.5M In Vietnam’s VCCE
VCC yesterday announced that it received $1.5M as investment from BitMEX operator, 100x Group's investment arm 100x Ventures.
By Komal Joshi · Aug 19, 2020 . 5min read
On 18 August 2020, VCC announced that it received investment from BitMEX operator, 100x Group’s investment arm 100x Ventures. The latter has funded $1.5 million in the Vietnamese fiat-to-crypto trading platform VCC Exchange (VCCE).
VCC Exchange is a digital asset exchange focusing on blockchain. It aims towards cut-edge technology and user experience. It strives to offer a credible and transparent exchange, which users can trust and use it in the long-run. Signum Capital and Axiom Associates originally backed VCCE. Its VND-to-crypto trading makes it the most popular fiat & crypto spot exchange for Vietnamese users.
VCC Exchange Plans to Launch P2P And Futures Trading Platform
VCCE announced that the investment obtained will be used to enhance product development and marketing activities. The exchange plans to launch a peer-to-peer (P2P) trading platform. Additionally, it also plans to launch futures trading platform. With the P2P platform launch, VCCE anticipates its average daily trading volumes to increase by 500% in coming two years. The exchange launched its crypto trading platform, supporting Vietnamese dong (the country’s fiat currency), in December 2019.
“It was an honor for VCC Exchange to have a few VCs putting their eyes on and looking for investment opportunities at the same time,” CMO of VCC Exchange said. “However, VCC Exchange chose 100x Group as our investor as there are a lot of things which we can learn from their operational experience, especially with the prestigious BitMEX platform.”
Arthur Hayes, CEO, and Co-Founder of 100x Group, said,
“There’s been explosive growth in cryptocurrency trading in Vietnam following regulatory developments last year, and VCC Exchange is an important player in the market. Our investment in VCCE underlines our support for the company’s management team, technology, and appeal to users and the long-term growth prospects for the cryptocurrency sector in Vietnam.”
VCCE has previously raised an undisclosed amount of seed funding, led by Signum Capital. Moreover, the seed funding witnessed participation from Axiom Associates and other investors. Summing it up, the company’s determination to associate with 100x Group will open prominent opportunities for the further growth of the cryptocurrency industry in Vietnam.
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