Bitcoin Vietnam and Coinify to Launch the First Blockchain Payment Processing Platform for Vietnam

January 31, 2016     By : LTP Team

Bitcoin Vietnam Co. Ltd., Vietnam’s first bitcoin exchange, and Coinify ApS, a market leader in blockchain currency merchant processing, have announced a strategic partnership to bring advanced blockchain merchant processing tools to the Vietnamese market.

Both parties expect that the close cooperation between Bitcoin Vietnam Co. Ltd., boosted with a firm understanding and foothold in their domestic market, and Coinify ApS, lead by an impressive team with extended expertise in electronic payments and financial technology, will contribute to the further maturation of the Vietnamese market.

During the first stage of this newly established partnership, Vietnamese merchants will be able to receive payments in bitcoin or 16 other popular blockchain currencies supported by Coinify. These payments will be automatically converted to the Vietnamese Dong and paid out on a regular basis. Merchants can thus offer more payment options to their customers, while enjoying a fraud and risk­free payment environment.

The new platform will offer seamless integration with the merchant’s website/ online­shop via custom API or the most popular plugins and will support Point­Of­Sale application tailored for brick­and­mortar shops. Interested merchants are able to pre­register for the new platform by sending a request to info@bitcoinvietnam.com.vn.

Further advanced merchant processing tools will be launched over the coming months in order to provide ongoing cutting­edge blockchain merchant solutions to the Vietnamese market.

Nguyen Tran Bao Phuong (CEO of Bitcoin Vietnam Co., Ltd.):
“We are very pleased to announce our new partnership with the team of Coinify today. They have proven to have a very secure, convenient and slick product which consequently brought them the market leadership in Europe regarding the number of acquired merchants.

Bringing the option of receiving blockchain payments to Vietnamese merchants will dramatically improve the lack of trust and security which are swirling around legacy payment options like credit cards, Paypal and similar offerings.

It is a significant award and prove of trust to the advancing Vietnamese hi­tech startup scene, which enables us to close such strategic international partnerships with worldwide industry­leading companies like Coinify. It is a pleasure to work with Mark and his team, which can look back on extensive experience in the digital payments
space and financial technology.

The spillover effects of international cooperation and mutual exchange of knowledge will allow the domestic industry to grow and prosper along this way; paving the path for further international integration of the Vietnamese economy.

We believe, that this is a great – and necessary ­ step forward for the development of the domestic market to provide Vietnamese merchants direct access to such technological top­notch solutions which will help them to accept payments in a much safer way while opening up their services to a truly global audience.”

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Mark Højgaard (CEO of Coinify ApS):
“Bitcoin Vietnam has, as the first mover in Vietnam, paved the path for bitcoin adoption via the brokerage, exchange and remittance solutions they offer to Vietnamese people living within and outside the country. We are happy to join this dynamic company in strengthening the existing infrastructure and provide the Vietnamese market with professional blockchain payment processing.

Furthermore, this partnership marks another milestone in our ongoing global expansion. After confirming market leadership in Europe, we have been looking into ways to increase Coinify’s presence on the Asian continent: signing deals with Digix offering digital assets on Ethereum network, financial brokerage Hello­Markets and the popular PSP Payssion. Partnership with Bitcoin Vietnam will add yet another PSP to the list of bitcoin enabled services in the Southeast Asia region. Vietnam itself is a very attractive market and we are thrilled to be able to bring their merchants and businesses an infrastructure that enables them to embrace this alternative payment method.”

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About Bitcoin in Vietnam

Despite opposing media reports following the warning from the State Bank of Vietnam regarding related risks of Bitcoin, Bitcoin usage was never prohibited in Vietnam. The State Bank of Vietnam declared that Bitcoin is not legal tender in Vietnam, as well as that funds/payments in Bitcoin are not protected by the law, which is a correct interpretation of the existing laws.

In fact, the State Bank of Vietnam is currently looking in cooperation with the relevant unit of the Department of Public Security to define applicable regulations for Bitcoin usage in Vietnam. The management board of Bitcoin Vietnam Co. Ltd. is looking forward to continue the commenced discussions in order to support responsible authorities during this process with necessary knowledge in this technological breakthrough innovation.

The usage and understanding of Bitcoin in Vietnam is still in its early stage but the community and general interest is expanding at a rapid pace. While only a handful of web based businesses and brick­and­mortar­stores currently accept Bitcoin for products and services, first efforts are made to establish a Bitcoin Vietnam Foundation as a nationwide association of Bitcoin users and professionals under the umbrella of an already established nationwide technology association in order to promote and spur education and knowledge in Vietnam to create a fruitful environment for the domestic Bitcoin economy.

Bitcoin Saigon is Vietnam’s first regular public Bitcoin meetup group and has presented domestic as well as several international speakers of the Bitcoin / Cryptocurrency industry i.a. from China, Silicon Valley, New York City, France, Czech Republic, Northern Ireland, Malaysia etc. Speakers who have been able to give insight about this booming technology to attendees in their local vicinity over the course of the last 1,5 years.

About Bitcoin

Bitcoin is a peer­to­peer payment system and digital currency introduced as open source software in 2009. It is a currency which uses cryptography to control the creation and transfer of money. The Bitcoin network provides a decentralized, distributed ledger system and is widely accepted as a technical breakthrough regarding the Byzantines Generals Problem.

The peer­to­peer payment system and cryptocurrency is a milestone in computer sciences and will be the beginning of the second digital revolution after the innovation brought by the Internet.

The main advantages of receiving Bitcoin payments are:

● No chargeback / fraud risks for merchants

● Significantly lower transaction fees

● Truly global payments network / merchant will be able to receive payments from anywhere in the world

● Protecting privacy of the customer / no identity theft possible

● No need for PCI compliance due to the needlessness of storing sensitive customer data

About Bitcoin Vietnam Co., Ltd.

Bitcoin Vietnam Co. Ltd., a Vietnamese Bitcoin startup founded in late 2013, aims to bring world­class Bitcoin technology to the Vietnamese market. Due to the international composition of the current team with strong ties to some of the world’s leading Bitcoin spaces (Germany, Israel, Singapore), Bitcoin Vietnam Co. Ltd. will be able to provide cutting­edge technology on an international standard regarding usage of the Bitcoin technology in Vietnam.

Bitcoin Vietnam Co. Ltd. started its operations in March of 2014 with the launch of its Broker Exchange Solution http://www.bitcoinvietnam.com.vn, which is enabling Bitcoin users and merchants in Vietnam to participate in the global Bitcoin Network. Bitcoin Vietnam Co. Ltd. is strictly committed to comply with all applicable rules and regulations regarding Bitcoin in Vietnam and therefore apply high standards of KYC/AML measures to prevent illicit usage of the company’s services.

About Coinify ApS

Coinify drives mainstream adoption of blockchain currencies, for merchants and consumers. Merchants benefit from Coinify’s Payment Service (PSP), enabling free, instant settlements in a fraud­free and chargeback­free blockchain payment environment, while consumers get access to secure, one­click payments that reveal no sensitive information. Coinify is backed by a multi­million dollar capital injection from SEED Capital (funded by the Danish government) and Accelerace, and is the leading blockchain payment service provider (bPSP). For more information about Coinify, visit their website at coinify.com.

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LTP Team

LTP Team

A group of content writers, bloggers, journalists and editors from the Let's Talk Payments team.

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