100x Ventures, the ventures arm of the group behind BitMEX, to spur growth in leading Vietnamese digital asset exchange
Singapore - 17th August, 2020 - VCC Exchange (VCCE), the leading Vietnamese digital asset exchange, announced today that it has secured $1.5mn in investment from 100x Ventures, the investment arm of 100x Group, best known as operators of the BitMEX cryptocurrency derivatives trading platform. The investment is expected to be completed by the end of this month.
The investment will enable VCCE to build on its market leadership position and to capitalise on the growing popularity of cryptocurrency trading in Vietnam. It will primarily be used for product development and marketing activities. VCC Exchange revealed that they would start with the launch of its P2P Trading platform, along with a revised version of its website & mobile app. In the near future, VCC Exchange is looking forward to other breakthroughs such as Credit and Debit Card integration and futures trading.
VCCE is an exchange originally backed by Signum Capital and Axiom Associates. Besides crypto-to-crypto trading for global users (with the exception of some restricted countries), its VND-to-crypto trading makes it the most popular fiat & crypto spot exchange for Vietnamese users. The company’s decision to collaborate with 100x Group opens significant opportunities for the further growth of the cryptocurrency industry in Vietnam. VCCE alone forecasts that average daily trading volume on its Exchange will increase by 500% in the next 24 months, especially with the upcoming launch of its P2P Trading feature.
"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, as well as the long-term growth prospects for the cryptocurrency sector in Vietnam.”
Arthur Hayes, CEO and Co-founder of 100x Group
Prior to this round investment from 100x Group, VCC Exchange had previously raised seed funding, led by Signum Capital and other investors such as Axiom Associates.