KuCoin has signed a memorandum of cooperation with the Vietnam Blockchain Association and 1Matrix to advance blockchain infrastructure in Vietnam.
Goals and Significance of the Partnership
The memorandum aims to strengthen the blockchain sector in Vietnam, aligning with the national strategy for digital transformation. The partnership could significantly impact local startups and the digital economy.
Key participants include KuCoin, led by CEO BC Wong, and VBA, the main body for blockchain policy in Vietnam. Damen Chen, KuCoin's Vice President, noted that Vietnam is becoming a dynamic hub for blockchain due to its active and tech-savvy community.
Financial and Technological Aspects
The agreement does not specify financial implications, as no funding amounts were disclosed. Emphasis is placed on technological support for local startups, specifically under the 'Make in Vietnam' initiative, targeting 150,000 crypto startups by 2035.
Prospects and Future Collaboration
The partnership may lead to enhanced regulatory clarity and an increase in local projects, following trends observed in similar agreements. Historical precedents show potential boosts in local project proliferation and improved fiat-crypto transactions.
In conclusion, KuCoin's memorandum with the Vietnam Blockchain Association aims to develop blockchain infrastructure in the country, potentially bringing about positive changes for the local economy and startups.
