The operator of the crypto derivatives exchange BitMEX, a company 100x Group, has invested $ 1.5 million in the largest Vietnamese digital currency trading platform VCC Exchange (VCCE). The deal was made through the venture division 100x Ventures.
It's a great honor for us to announce that our newest investor is 100x Ventures, the ventures arm of the group behind BitMEX.
To see the full article in English and what Mr. Arthur Hayes @CryptoHayes said , please click here: https://t.co/[email protected] @BitMEX pic.twitter.com/RrLlH0wwh9
— VCC Exchange (@VCCExchange) August 17, 2020
VCCE plans to use the raised capital to finance the development of new products and marketing. The Bitcoin exchange intends to modernize its website and mobile app, and launch a P2P platform.
Thanks to this, the daily trading volume on VCCE will increase by 500% over the next 2 years, the company predicts.
BitMEX Co-Founder and CEO Arthur Hayes noted that the explosive growth in cryptocurrency trading in Vietnam came after industry regulation changes in the country.
Prior to this, VCCE raised funds in a seed funding round led by Signum Capital.
Recall that in July, 100x Ventures led the Series A funding round of the South African VALR cryptocurrency exchange for $ 3.4 million.