Vietnam’s largest Bitcoin exchange, VBTC, is relaunching on BlinkTrade’s Bitcoin exchange platform with an eye on Vietnam’s USD $14 billion remittance market. The exchange promises one-hour international remittances to Vietnam with cash withdrawals at thousands of locations nationwide.
VBTC, a project of startup Bitcoin Vietnam, is taking aim at the unbanked population and will enable users to deposit and withdraw cash from more than 9,200 locations across Vietnam.
Verified users enjoy instant bitcoin deposits, which enable them to trade without keeping funds on deposit at all times at VBTC.
Reserves Held in Cold Multisig Wallet
VBTC says it’s serious about security and keeps its reserves in a cold, multisig BitGo wallet, signed by Bitcoin Vietnam, BlinkTrade, and BitGo. At least two parties must sign to release funds and BitGo insures the wallet up to USD $250,000 against a failure of their own operational security.
Customers anywhere in the world can send cash to loved ones in Vietnam in less than an hour, according to Bitcoin Vietnam Co-Founder Dominik Weil. The exchange receives the sender’s bitcoin and converts it to local currency. Recipients can withdraw the funds using the nationwide network.
VBTC will allow us to handle Bitcoin remittance services towards Vietnam