KRONN Ventures AG shared news on 22 March about its understanding with Linh Thanh Group, a Vietnamese distribution company, to establish a crypto exchange in Vietnam.
KRONN Ventures AG, a blockchain company based in Zug, Switzerland signed a memorandum of understanding (MoU) with its Vietnamese counterpart. The firms have obtained the license for establishing the first authorized exchange.
Late last year, KRONN Ventures AG formed a panel with the financial committees of five Asian developing countries. The countries included Vietnam, Philippines, Cambodia, Bangladesh, and Sri Lanka. The goal was to build an international system using blockchain technology that fits the Asian ecosystem.
KRONN expressed that since Vietnam and its Linh Thanh Group grabbed the first place for this deal, the other countries in the panel were concerned. The countries felt that they would be deprived of the opportunity to lead the Asia-wide revolution using blockchain.
A statement from the Linh Thanh Group cited the magnitude of the deal as –
“…Working together with KRONN Ventures would lead to a world-class cryptocurrency exchange as KRONN Ventures is known widely as a leader in blockchain technology in Switzerland, as well as collaborating King’s College in London for the AI research facility collaborations.”
KRONN conveyed that with its combination with Linh Thanh Group’s massive distribution network, the impact would be tangible in Vietnam and in other Asian countries. KRONN Ventures also emphasized its world-class technology and distinguished Linh Thanh Group as the largest distribution company in Vietnam.
KRONN further informed that with the recent dip in prices of cryptocurrencies, and the bearish trend in the crypto market, opinions were divided. There is one party that predicted a recession, and another party that sees optimism. The latter party believed that the situation was a “bubble made by excessive speculation”.
In January, KRONN announced that it had entered an agreement with Bitforex, a global digital currency exchange headquartered in Singapore, to build a real-time foreign currency remittance system using the blockchain technology. This embrace would allow Bitforex to make overseas remittances almost instantaneous.
KRONN concluded that despite the contradictory opinions, large banks in developed countries are increasing their investments in blockchain technology. Such banks include the likes of Wall Street. To keep pace with the growing pressure, Asian developing countries including Vietnam are aggressively catching up. KRONN expressed concern that some countries still have a negative perspective and not aligning themselves to this trend.