100x Ventures, an investment arm of BitMEX’s operator, 100x Group, has recently made an investment in VCC Exchange. The firm has invested $1.5 million in VCC Exchange, which is a Vietnamese fiat-to-crypto trading platform. This exchange has revealed this officially on its website through a blog post.
According to the exchange, this investment will help in marketing activities and product development. VCC will soon launch a P2P trading platform along with a futures trading platform as well.
100x Ventures investment will take VCC at the leadership position
The announcement revealed that this investment by 100x Ventures would help the exchange to take a leadership position in the market. Along with its trading platform, the exchange might also offer the integration of both Credit and Debit cards.
The exchange is expecting that with the launch of these trading platforms, the average daily trading volume of the exchange will grow by 500% in the coming years. Back in December 2019, VCC Exchange also launched a crypto trading platform which is supporting Dong, the fiat currency of Vietnam.
Arthur Hayes believes Vietnamese crypto market to grow
Arthur Hayes, co-founder, and CEO of BitMEX are seeing the huge potential in the Vietnamese crypto market. He believes that in the long run, the Vietnamese crypto market will surely grow. He has also mentioned that in this growth, VCC Exchange is going to play quite an important role. The VND-to-crypto trading that the exchange offers makes it to count among the best and the most popular crypto and fiat exchange of the country.
The exchange has also stated that they have chosen 100x Ventures because they are aiming towards learning a lot of things from the operational experience of the firm. VCC has also raised some amount from a recent seed funding round which was led by Signum Capital. However, the exchange has not yet disclosed the amount raised from the funding round.