Bitget, a Seychelles-based crypto exchange, has announced that it now supports VND bank transfers in Vietnam. Vietnamese can now use the nation’s leading payment system, VND bank transfers via VietQR, to have instant access to crypto tokens.
Biget users can seamlessly trade, sell, and buy cryptocurrencies using the local bank payment method through their Biget mobile app.
Bitget’s fiat-crypto on-ramp
With Biget’s fiat-crypto on-ramp plugin, users can purchase and trade crypto directly with Vietnamese dong currency on preferred crypto platforms using the VND bank transfer method.
The on-ramp is a gateway for consumers and businesses to access the digital currency ecosystem. The plugin links conventional financial systems with decentralized markets, enabling movement between fiat money and virtual currencies.
By allowing locals to convert traditional money into virtual money, Biget offers a crucial service for users seeking to join the crypto landscape.
Surged crypto interest in Vietnam
Over consecutive years, Vietnam has emerged third in the global crypto adoption ranking, highlighting its rapid growth. It is a lower-middle-income nation, with most of its population using virtual currencies to access banking services.
Around 70% of residents lack access to financial services, making virtual currency appealing to them. The nation is recognized for the highest use of DeFi in the world, signaling many users use their crypto tokens as banking services.
Another crypto success factor in the country is remittances. In 2022, the entire remittances in the nation hit $19 billion. This placed the republic among the leading 10 nations globally and one of the three biggest receivers of remittances in Asia.
Play-to-earn gaming (GameFi) is another interesting aspect of crypto adoption in Vietnam. Many Vietnamese users embrace Web3 gaming platforms, where players are rewarded with NFT or crypto tokens for playing. Local gaming platforms, like Axie Infinity, contributed to the early success of the country’s GameFi.
With Biget’s VND bank transfer compatibility, trading crypto tokens in Vietnam is much more rapid and more affordable than ever before. The development has the capacity to immensely transform how users trade digital currencies in Vietnam. The nation’s Web 3.0 infrastructure could experience widespread growth, especially for new entrants.
