Vietnam Linh Thanh Group has successfully closed a deal with blockchain company KRONN Ventures AG regarding the launch of a cryptocurrency exchange, according to its press release on March 22.

The two companies reportedly signed a memorandum of understanding (MOU) for the production of cryptocurrency as well as the aforementioned exchange launch within the country. On that note, a license for this establishment has already been obtained.

In the list of five Asian developing countries whose financial committees KRONN Ventures AG had a consortium with, Vietnam is the first nation to start actualizing the deal of building an Asian-friendly international wiring system using blockchain technology. With that being said, four other countries, including the Philippines, Cambodia, Bangladesh, and Sri Lanka, might lose their chance to initiate transnational wiring system using blockchain all over the continent.

In an official statement, Linh Thanh Group is convinced that the partnership with KRONN, a leader in blockchain technology in Switzerland, would certainly lead to “a world-class cryptocurrency exchange”.

This news marked significant progress of cryptocurrency presence not only in Vietnam but also in the region of Southeast Asia as a whole. Supposing that the upcoming exchange comes along with its own native currency, the crypto market shall be welcoming a potential new player.