Bitcoin Vietnam Co. Ltd. Adds Extra Functionality, Lowers Entry Barriers for Users

Vietnam's first and leading Bitcoin broker Bitcoin Vietnam Co. Ltd. announces the launch of its new 'Bitcoin Vietnam Wallet' functionality.

Ho-Chi-Minh City-based Bitcoin broker Bitcoin Vietnam Co. Ltd. announced today the official release of its new wallet functionality, a product that enables users to store their funds directly on its platform.

According to a press release sent to Cointelegraph, the wallet functionality aims to enable Bitcoin users and newbies to take advantage of Bitcoin Vietnam's "sophisticated and secure multi-level storage system."

Further, the function allows users to make instant and secure off-chain transactions to other users of Bitcoin Vietnam, as well as conduct instant sell orders right from their 'Bitcoin Vietnam Wallet'.  

According to Bitcoin Vietnam Co. Ltd. COO Dominik Weil:

"One of the main reasons to offer this Wallet Service is to lower the entrance hurdle for new users – and provide them a more secure storage solution than they would have, if they are otherwise forced to store them by themselves with their so far limited knowledge."

The company's CTO Aleksander Winter also stressed that the wallet function mostly came upon request from their customers.

In an email correspondence, Weil told Cointelegraph that Bitcoin Vietnam Co. Ltd. has been consequently growing, with an average growth in users of 20% per month. The executive also said they have been working over the past few months on improving their technical infrastructure - especially regarding scalability, ease-of-use and the possibility to lower their fees as well as building strategic partnerships and growing their team with talented people.

Vietnam educating itself on Bitcoin

While Bitcoin's regulatory fate in the country is yet to be determined, the Government has not officially banned the digital currency, and agencies had published documents stressing that Bitcoin wasn't recognized as a legal tender, emphasizing the fact it didn't take responsibility for financial losses or commercial litigations involving the digital currency.

While the regulatory landscape might seem uncertain, Weil remains optimistic and stressed that progress has been made. Back in May, the company met with the representatives from the Department of Public Security, which resulted in an extensive discussion on Bitcoin. Weil stated "they understood quite well that it is of no use to outlaw legit Bitcoin businesses who know their clients and treat AML concerns in a responsible way."

However, there is still a lot of work ahead, especially regarding Bitcoin education, according to the executive. To solve this issue, Weil said he's been meeting with the Bitcoin community in Hanoi in order to set up a 'Bitcoin Vietnam Association' - a vehicle aiming to expose and educate Vietnam residents on the technology.

While this project is still at a very early stage, Weil believes it shouldn't be much of a hassle to get the organization started:

"[Ho-Chi-Minh City] has a fast-growing startup-scene with a very healthy mix of locals and expats - so it is without doubt, that we can find here a very fruitful ground to grow the Bitcoin community."

Launched in late 2013, Bitcoin Vietnam Co. Ltd. is the country's first and leading Bitcoin broker exchange. Its sister company, VBTC, was launched in July from an international partnership between Bitcoin Vietnam and Israeli exchange technology startup Bit2C, becoming by the instant the first (and only, as of today) Bitcoin live trading exchange platform in the country. 

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