Vietnam, a Southeast Asian country with a below-average income level for its population, emerged as a leader in cryptocurrency adoption, embracing game blockchain projects and digital assets that offer new earning opportunities to its citizens.
Crypto Industry in Vietnam: By the Numbers
According to Statista, Vietnam’s crypto community has been steadily growing since 2019. By 2022, the number of Vietnamese individuals who have owned or transacted with digital coins reached 27%. In comparison, Singapore stood at 25%, Russia at 14%, and Japan at 6%. The largest crypto exchange, Binance, also reported that 16 million crypto investors reside in Vietnam. These impressive figures propelled Vietnam to the top spot in the 2022 cryptocurrency adoption ranking by Chainalysis.
Vietnamese people’s interest in cryptocurrencies stems from the opportunity to enhance their standard of living through active participation in blockchain communities. Notably, around 57% of Vietnamese crypto community members express interest in GameFi, which encompasses blockchain games with earning tools. With the growing interest in digital assets among locals, Vietnam became the main base for business development for over 200 teams of blockchain developers. Consequently, Vietnam has positioned itself as a hub for various crypto initiatives.
CrossFi in Vietnam
One of the projects actively advancing decentralized finance in Vietnam is the family of products run on the CrossFi blockchain. Powered by the proven Tendermint Core architecture, the CrossFi network boasts a transaction speed of up to 1 million operations per second.
The CrossFi blockchain employs two native coins, MPX and XFI. MPX serves as a non-volatile unit of computing power, facilitating transaction fee payments and the creation of new XFI coins. Recent statistics indicate an 8% monthly return on staking MPX coins, paid out in XFI coins. On the other hand, XFI represents a volatile settlement unit that is used in all services and is traded on crypto exchanges. These coins complement each other, fostering a sustainable and efficient ecosystem.
Currently, Vietnam boasts approximately 5,000 active users of CrossFi-based solutions, a number expected to triple within the next two years. CrossFi goes beyond being just a blockchain, offering a wide range of banking and payment services favored by the Vietnamese population. The demand for these services is bolstered by the large Vietnamese diaspora spread across 40 countries worldwide. Utilizing crypto assets for transferring funds to Vietnam has become a driving force behind the increasing popularity of crypto instruments in the country.
The payment services provided by the CrossFi blockchain enable swift and hassle-free transactions, including cross-border transfers, without the need for involvement from Western financial institutions and their systems and protocols.
In addition to fast transfer services, the CrossFi blockchain offers a range of other daily-use solutions catering to both individuals and businesses. Noteworthy products include:
- Emission and acquisition of tokens at private, corporate, and government levels, encompassing cryptocurrencies, stablecoins, and digital twins.
- Personalization, issuance, and acquisition of cards and electronic payment instruments, along with ATM network processing, trading terminals, and e-commerce.
- Tokenization of banking services.
- Fully integrated acquiring solutions using payment cards, POS terminals, and self-service terminals.
- Crypto-acquiring platform with ready-made solutions for enterprises and businesses.
These CrossFi blockchain solutions are consolidated within the Finance XFI mobile banking application, scheduled for launch in August. The application enables users to work with both cryptocurrencies and fiat currencies. Users can order a debit card, make cryptocurrency transfers to other wallets and fiat transactions using a phone number. Essentially, it provides a comprehensive digital banking experience accessible through a mobile phone, linked to a mobile account. The Finance application holds PCI DSS certification, indicating the high reliability of its software security systems.
Furthermore, CrossFi-based solutions facilitate the tokenization of loyalty systems, allowing entities such as football clubs to issue NFTs for their players and utilize them for club promotion. Even gas stations can accept cryptocurrency as payment and issue payment cards based on Mastercard and VISA by integrating them with their fuel loyalty cards.
The list of blockchain solutions utilizing the CrossFi network goes beyond what has been mentioned. The Finance СrossFi banking application team is currently discussing potential collaborations with several Vietnamese companies interested in incorporating blockchain solutions into their business processes. To attract talented entrepreneurs and foster ecosystem development, the CrossFi team has allocated 27,000,000 USDT in MPX coins in developer grants.
A Promising Crypto Hub in South Asia
Blockchain technology is often hailed as the revolution of the decade, and it thrives particularly in countries with developing economies. The reason behind this is that blockchain addresses the gaps present in the financial and banking systems of developing nations, providing access to opportunities that can improve the standard of living for a wide range of individuals. Vietnam serves as a prime example of this phenomenon, with a concentration of promising projects like CrossFi, indicating its potential to become the largest crypto hub in the South Asian region.