Bitcoin Vietnam and Coinify sign deal to provide Bitcoin merchant services in local market


Bitcoin exchange Bitcoin Vietnam Co. Ltd. and Bitcoin merchant services provider Coinify ApS have announced a new deal that will see Coinify’s Blockchain powered merchant processing tools deployed in the Vietnamese market.

Under the deal Vietnamese merchants will now be able to receive payments for goods in Bitcoin or other cryptocurrencies supported by Coinify.

The platform is said to offer seamless integration with a merchant’s current online ordering services via a custom API or plugin, and is also able to integrate with Point-Of-Sale applications utilized by merchants who have brick-and-mortar shops.

Payments through the platform are automatically converted to Dong, the currency of Vietnam, and are paid to merchants on a regular basis.

“We believe that this is a great, and necessary, step forward for the development of the domestic market to provide Vietnamese merchants direct access to such technological top-notch solutions which will help them to accept payments in a much safer way while opening up their services to a truly global audience,” Bitcoin Vietnam Chief Executive Officer Nguyen Tran Bao Phuong said in a statement.

Emerging markets

The roll out of Bitcoin merchant services through Bitcoin Vietnam, the country’s first Bitcoin exchange, is a positive step forward in bringing cryptocurrency support to emerging markets in Southeast Asia, with Vietnam in particular being one of the fastest growing economies not just in the region, but the world according to the World Bank.

Naturally at this stage it’s a niche play, given e-commerce in particular is still beyond the reach of many in the country, but you only have to visit Vietnam to see how rapidly that is changing, particularly in cities such as Ho Chi Minh City (Saigon, see picture above).

For Coinify, the deal is another step forward in their global expansion, including their acquisition of Coinzone back in August, along with deals with Digix to offer digital assets on Ethereum network, financial brokerage services Hello-Markets and the provision of services to Payssion.

“The partnership with Bitcoin Vietnam will add yet another payment service provider (PSP) to the list of Bitcoin enabled services in the Southeast Asia region. Vietnam itself is a very attractive market and we are thrilled to be able to bring their merchants and businesses an infrastructure that enables them to embrace this alternative payment method.” Coinify Chief Executive Officer Mark Højgaard added.

The terms of the deal were not disclosed.

Image credit: Duncan Riley