The cryptocurrency exchange KuCoin has signed a memorandum of understanding with the Vietnam Blockchain and Digital Assets Association (VBA) and 1Matrix Joint Stock Company (1Matrix). The goal of this strategic partnership is to support the national Web3 strategy and strengthen the blockchain infrastructure in Vietnam.
This is reported by Business • Media
Key Areas of Cooperation
Under the new agreement, the parties plan to create pilot trading platforms, implement modern solutions for digital payments, launch electronic identification services, and develop international-level risk management tools. KuCoin will be responsible for technology transfer and implementing security standards, 1Matrix will focus on developing the domestic infrastructure, and VBA will concentrate on political advocacy, standardization, and engaging the community with new technologies.
“Vietnam is becoming one of the most dynamic global hubs for blockchain and digital assets due to its young, creative, and tech-savvy community ready for global innovation. Through our strategic partnership with VBA and 1Matrix, we aim to collaboratively develop blockchain technologies, strengthen community trust, promote education in digital assets, and support the startup ecosystem in Vietnam,” said KuCoin’s Vice President and Head of Commercial Division, Damon Chen.
Blockchain Development Strategy in Vietnam
The head of VBA and 1Matrix, Phan Duc Chung, emphasized that the trilateral cooperation lays the groundwork for the development of the digital asset market, its integration into the global economy, and the formation of an open, sustainable digital financial ecosystem.
KuCoin emphasizes the transparency and security of its operations: the company regularly conducts audits, publishes reserve reports, uses a real order book, and was one of the first to implement global KYC and AML standards. In the country, the exchange actively invests in startups through KuCoin Labs and KuCoin Ventures, collaborates with universities, and develops tokenization and decentralized finance (DeFi) initiatives.
Founded in 2022 by the decision of the Ministry of Internal Affairs of Vietnam, VBA is the country’s first official organization in the blockchain sector, focusing on research, standardization, and popularization of blockchain solutions. 1Matrix, as a member of VBA, is developing the Vietnam Blockchain Multi-Chain Service Network (VBSN), which enables rapid deployment of layer-one blockchains with support for digital identity, data management, and public services.
According to the parties’ assessment, the collaboration between KuCoin, VBA, and 1Matrix could become the foundation for a new model of blockchain industry development in Vietnam and strengthen the country’s position on the global technology stage.
Previously, CryptoQuant experts reported a significant reduction in KuCoin’s Bitcoin reserves, but the company categorically denied this information.