BitMEX Invests in Vietnam’s Leading Bitcoin Exchange

The operator of the crypto-derivatives exchange BitMEX, the 100x Group, invested $1.5 million in Vietnam’s largest platform for trading digital currencies, VCC Exchange (VCCE). The deal was conducted through 100x Ventures, the group’s venture arm.

It’s a great honor for us to announce that our newest investor is 100x Ventures, the ventures arm of the group behind BitMEX.

To see the full article in English and what Mr. Arthur Hayes @CryptoHayes said , please click here: https://t.co/CArCrhD3SQ@100xGroup @BitMEX pic.twitter.com/RrLlH0wwh9

— VCC Exchange (@VCCExchange) August 17, 2020

The funds raised for VCCE are planned to be directed toward financing the development of new products and marketing. The Bitcoin exchange intends to upgrade its website and mobile app, and also launch a P2P platform.

As a result, the daily trading volume on VCCE is expected to increase by 500% over the next two years, according to the company.

Co-founder and CEO of BitMEX, Arthur Hayes, noted that the explosive growth in cryptocurrency trading in Vietnam occurred after changes in the regulation of the industry in the country.

Previously, VCCE attracted funding in a seed round led by Signum Capital.

Earlier in July, 100x Ventures led the Series A financing round for VALR, a cryptocurrency exchange in South Africa, amounting to $3.4 million.

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