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.
In a joint press release CoinReport received, both parties said they expect the close cooperation to contribute to the further maturation of the Vietnamese market, as Bitcoin Vietnam has a firm understanding and foothold in its domestic market and Coinify is led by an impressive team with extended expertise in electronic payments and financial technology.
The press release said that 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 Vietnamese dong and paid out on a regular basis, meaning merchants can offer more payment options to their customers while enjoying a fraud- and risk-free payment environment.
The new platform, said the firms, will offer seamless integration with the merchants’ websites/online shops via custom API or the most popular plugins and support Point-Of-Sale application tailored for brick-and-mortar shops.
The firms invite interested merchants in Vietnam to preregister for the new platform by sending a request to [email protected] .
In order to provide ongoing cutting-edge blockchain merchant solutions to the market, further advanced merchant processing tools will be launched over the coming months.
Ho Chi Minh City-based Bitcoin Vietnam was founded in late 2013, but started its operations in March of 2014 with the launch of its Broker Exchange Solution, which is allowing bitcoin users and merchants in Vietnam to participate in the global bitcoin network. The company says it aims to bring world-class bitcoin technology to the Vietnamese market by leveraging an international team.
Greater Copenhagen, Denmark-based cryptocurrency payment processor Coinify says it drives mainstream adoption of blockchain currencies, for merchants and consumers. Merchants, says the company, benefit from its Payment Service (PSP), enabling free, instant settlements in a fraud-free and chargeback-free blockchain payment environment, while consumers get access to secure, one-click 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).
Nguyen Tran Bao Phuong, CEO of Bitcoin Vietnam Co., Ltd., said about the partnership:
“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.”
Coinify CEO Mark Højgaard said:
“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.”
Images via the joint press release