VCC Exchange secured $1.5M investment from 100x Ventures

Author: Steven Nguyen

April 28, 2021

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The Highlights:

  1. VCC Exchange raised $1.5 pre-Series A funding from 100x Ventures
  2. One of the first cryptocurrency exchanges in Vietnam, VCC Exchange is the pioneer and market leader in the growing popularity of crypto trading in the country.
  3. With the new funding, they would start with the launch of its P2P Trading platform and a revised version of its website and mobile apps.
  4. VCC Exchange was one of the semi-finalists of VietChallenge season 2019.

VCC Exchange, one of the first cryptocurrency exchanges in Vietnam, has secured $1.5M in investment from 100x Ventures, the investment arm of 100x Group, best known as operators of the BitMEX cryptocurrency derivatives trading platform.

The investment will enable VCCE to build on its market leadership position and to capitalize on the growing popularity of cryptocurrency trading in Vietnam. It will primarily be used for product development and marketing activities. VCC Exchange also notes that they would start with the launch of its P2P Trading platform, along with a revised version of its website & mobile app. In the near future, VCC Exchange is looking forward to other breakthroughs such as Credit and Debit Card integration and futures trading.

VCCE is an exchange originally backed by Signum Capital and Axiom Associates. Besides crypto-to-crypto trading for global users (with the exception of some restricted countries), its VND-to-crypto trading makes it the most popular fiat & crypto spot exchange for Vietnamese users. The company’s decision to collaborate with 100x Group opens significant opportunities for the further growth of the cryptocurrency industry in Vietnam. VCCE alone forecasts that the average daily trading volume on its Exchange will increase by 500% in the next 24 months, especially with the upcoming launch of its P2P trading feature.

"It was an honor for VCC Exchange to have a few VCs putting their eyes on and looking for investment opportunities at the same time," the CMO of VCC Exchange said. "However, VCC Exchange chose 100x Group as our investor as there are a lot of things which we can learn from their operational experience, especially with the prestigious BitMEX platform."

Arthur Hayes, CEO and Co-Founder of 100x Group said, “There’s been explosive growth in cryptocurrency trading in Vietnam following regulatory developments last year, and VCC Exchange is an important player in the market. Our investment in VCCE underlines our support for the company’s management team, technology, and appeal to users, as well as the long-term growth prospects for the cryptocurrency sector in Vietnam.”

100x Founder Arthur Hayes, CEO and Co-founder of 100x Group

VCC Exchange was also a semi-finalist of VietChallenge season 2019. Their headquarter is based in Hanoi, Vietnam.

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This article was adapted from vccExchange