Cryptocurrency exchange Bitget has unveiled its new trading platform, BitEXC, in Vietnam, signaling a major push into the Southeast Asian market. Tailored specifically for Vietnamese users, BitEXC aims to provide localized customer support, educational outreach, and trading services that resonate with the country’s unique crypto needs.
BitEXC’s launch is part of Bitget’s broader strategy to capitalize on Vietnam’s growing crypto adoption. With around 21.2% of the population holding digital assets, Vietnam ranks second globally in cryptocurrency ownership. Gracy Chen, CEO of Bitget and BitEXC, highlighted the significance of this move:
“Vietnam has shown tremendous potential in crypto, but the market still needs platforms that truly understand and cater to its unique audience. BitEXC was created to bridge this gap by providing local support and customized products for its crypto users.”
Diverse Trading Options and Local Payment Integration
At launch, BitEXC offers peer-to-peer (P2P) trading, with spot and futures trading also available. Notably, users can transact using popular local payment methods such as ViettelPay, Momo, and ZaloPay, ensuring seamless integration into Vietnam’s digital financial ecosystem. On its first day, only P2P trading was operational, with plans to introduce an “Earn” program and copy trading features within three months.
BitEXC benefits from the backing of Bitget’s extensive infrastructure, including the Bitget Protection Fund. This $300 million self-financed reserve, held in Bitcoin and Ether, is designed to safeguard users against unexpected market volatility. By extending this coverage to BitEXC users, Bitget underscores its commitment to providing a secure trading environment.
Capturing Market Share in a Crypto-Friendly Nation
With Vietnam’s crypto community showing a strong preference for decentralized exchanges—90% according to a 2023 survey—BitEXC faces stiff competition. However, its localized approach could position it as a dominant player in the market. Gracy Chen remains optimistic about capturing a significant share, emphasizing the platform’s tailored offerings.
The Vietnamese government’s embrace of blockchain further bolsters BitEXC’s prospects. In October, the Ministry of Information and Communications launched a National Blockchain Strategy, which includes the legal recognition of digital assets, signaling an open regulatory environment for platforms like BitEXC.
Bitget’s Global Momentum
Bitget’s global influence continues to grow, boasting over 45 million users. In Q2 2024, the exchange reported a $700 million capital inflow and a 50% quarter-on-quarter traffic surge. On December 3, the same day BitEXC debuted, Bitget listed Hedera (HBAR), underscoring its commitment to expanding its ecosystem.
As BitEXC’s launch unfolds, it marks a significant milestone in Bitget’s quest to deepen its footprint in Southeast Asia, leveraging Vietnam’s robust crypto adoption to fuel its growth.
