BitMEX operator invests $1.5 million in Vietnamese crypto platform VCC Exchange

Exchanges • August 19, 2020, 7:50AM EDT
UPDATED: August 19, 2020, 7:52AM EDT
Michael Nagle/Bloomberg via Getty Images

BitMEX operator 100x Group's investment arm 100x Ventures has invested $1.5 million in Vietnamese fiat-to-crypto trading platform VCC Exchange (VCCE).

VCCE said the investment would help it for product development and marketing activities. The exchange is set to soon launch a peer-to-peer (P2P) trading platform, and a futures trading platform "in the near future."

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With the P2P platform launch, VCCE expects its average daily trading volumes to grow by 500% in the next two years. The exchange launched its crypto trading platform, supporting Vietnamese dong (the country's fiat currency), in December 2019.

Arthur Hayes, co-founder and CEO of BitMEX and 100x Group, said Vietnamese crypto market is poised for growth in the long run and VCCE is an "important player" in the market.

VCCE has previously raised an undisclosed amount of seed funding, led by Signum Capital, with participation from Axiom Associates and other investors.

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