Linh Thanh Group, the largest distribution company in Vietnam and KRONN Ventures AG, a blockchain company from Zug, Switzerland, signed a memorandum of understanding(MOU) for the production of cryptocurrency and the establishment of cryptocurrency exchange in Vietnam. They have obtained the license for the establishment of a cryptocurrency exchange.

In October 2018, KRONN Ventures AG formed a consortium with financial committees of five Asian developing countries including Vietnam, Philippines, Cambodia, Bangladesh, and Sri Lankato build an international wiring system using blockchain technology that fits with the Asian environment. Since Vietnam and its Linh Thanh Group became the first place for this deal, the other countries in the consortium are growing concerned that they will be deprived of the opportunity to kickstart the Asia-wide transnational wiring system using blockchain.

An official statement from the Linh Thanh Group said that working together with KRONN Ventures would lead to a world-class cryptocurrency exchange as KRONN Ventures is known widely as a leader in blockchain technology in Switzerland, as well as collaborating King’s College in London for the AI research facility collaborations.

The industry expectation is that by combining Linh Thanh Group’s massive distribution network, which is the largest in Vietnam, with the world-class technology of KRONN Ventures, the impact will be widely felt not only in Vietnam but also in other surrounding Asian countries.

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With the recent plunge in prices of Bitcoin and other cryptocurrencies, and the pessimistic outlook on the crypto market, opinions are divided into a side that predicts a recession, and another side that sees it as simply entering a stabilizing period after a bubble made by excessive speculation. In the midst of mixed opinions, large banks in developed countries including the Wall Street, are increasing their investments in blockchain technology and cryptocurrency. Sensing the growing pressure, Asian developing countries including Vietnam are also aggressively investing in developing cryptocurrency and its technologies.  It is concerning that some countries still have negative perspective and not involving themselves more actively on this trend.

SOURCE KRONN Ventures AG