Israeli Bitcoin Exchange Bit2C will be licensing its technology to Bitcoin Vietnam to create Vietnam’s first live Bitcoin trading platform, VBTC. It is scheduled to open in late April.
Bitcoin Vietnam currently enables interested parties to buy or sell bitcoins with the Vietnamese dong. The launch of a live trading platform aims to take this to the next level in country that has been rapidly warming up to Bitcoin. Nguyen Tran Bao Phuong, CEO of Bitcoin Vietnam Co. Ltd, believes that now is the right time to do this:
“We strongly believe that our upcoming cooperation in regard of the launch of Vietnam’s first live trading Bitcoin exchange will set a milestone in the further development of Vietnam’s – on an international level still small, but quickly expanding Bitcoin economy. Vietnam is aiming to become a technological hub in the region and we believe that a broad adoption of Bitcoin and its related technological advancements will play a key role in bringing Vietnam’s economic development to the next level.”
Bit2C is said to be Israel’s first and largest Bitcoin exchange. It allows for Bitcoin and Litecoin trading against the Israeli Shekel. Eli Bejerano, CEO of Bit2C, said the following on the partnership:
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“Ever since our launch in 2012 we have been proud of our innovative and unique trading system. After more than a year of live operation we have seen that this strong foundation has earned us the public trust and made us the largest trading community for Bitcoin in Israel. We believe Bitcoin represents a revolution in international trade and commerce and are very excited to see our technology playing role in promoting the adoption of Bitcoin. Especially in the vibrant and fast-growing Vietnamese economy.”
Cryptocurrency has gotten a warm reception in Vietnam. Last month, a joint charity drive between the Litecoin community and Vietnamese newspaper Thanh Nien for local causes in Vietnam.
Trade relations and business collaboration between Israel and Vietnam have advanced significantly since the two countries formally established diplomatic relations in 1993. Israel has sponsored multiple short-term training programs in agriculture, healthcare and the sciences in Vietnam. The countries signed an Agreement of Economic and Trade Cooperation in 2004, and two Israeli corporations have opened offices in Vietnam.
DC Magnates spoke to Bit2C CEO Eli Bejerano about his plans for the future. While the exchange has made many leaps and bounds since inception, liquidity is still tight. Currently, the bid-ask spread is 0.2% off the midpoint, but at times it has been observed to as high as 3%, depending on market conditions. On this, Bejerano said, “we are in contact with NOSTRO brokers that will supply liquidity using the arbitrage at Bitstamp and BTChina.”
On regulation, the company has done as much as it can in considering that Bitcoin isn’t regulated or recognized as legal tender in Israel, as is the case pretty much everywhere else. In dealing with fiat, the company is authorized to transfer shekels, and furthermore, “we are also waiting for a permit from the Treasury office to accept Dollars and Euro from traders outside of Israel.”