Crypto EcoBlog
Vietnam’s economy is undergoing a digital revolution, with a projected compound annual growth rate of 8.9% in the digital economy from 2022 to 2026. This growth rate surpasses that of 51 other countries worldwide, including economic powerhouses like China, the US, the UAE, and all European countries, according to the FT-Omdia Digital Economy Index. Experts attribute this projected success to several factors, including Vietnam’s youthful population, government policies fostering an enabling environment for innovation, and a substantial influx of foreign investment and investors that are driving the country’s digital landscape. The flourishing ecosystem of tech start-ups with a focus on innovation and entrepreneurship has extended its reach to the world of
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Vietnam’s economy is undergoing a digital revolution, with a projected compound annual growth rate of 8.9% in the digital economy from 2022 to 2026. This growth rate surpasses that of 51 other countries worldwide, including economic powerhouses like China, the US, the UAE, and all European countries, according to the FT-Omdia Digital Economy Index. Experts attribute this projected success to several factors, including Vietnam’s youthful population, government policies fostering an enabling environment for innovation, and a substantial influx of foreign investment and investors that are driving the country’s digital landscape.
The flourishing ecosystem of tech start-ups with a focus on innovation and entrepreneurship has extended its reach to the world of cryptocurrencies, leading to a proliferation of blockchain projects and initiatives in Vietnam. Chainalysis, a blockchain analytics firm, revealed that Vietnam secured the top spot in the 2022 Cryptocurrency Adoption Ranking.
The Vietnamese population’s interest lies in blockchain services that address the gaps prevalent in the country’s financial system. Payment solutions, investment opportunities for retail investors, and convenient acquiring products for small and medium-sized businesses are particularly popular. Despite rapid technological advancements, Vietnam’s population remains underbanked, with only about 60% of Vietnamese adults having a bank account, according to a report by the National Payments Corporation of Vietnam (Napas).
The demand for blockchain services that work with cryptocurrencies and offer a user-friendly interface is evident from the growing number of active users on the CrossFi blockchain. This blockchain serves as the foundation for various decentralized financial and payment services. Within a year, the user base of CrossFi products attracted 5,000 active participants from Vietnam, and this number is projected to grow three to six times over the next couple of years.
The CrossFi blockchain offers a range of payment solutions, including fast transfer services for swift cross-border transactions. It also enables the issuance and acquisition of tokens at private, corporate, and government levels, covering cryptocurrencies, stablecoins, and digital twins. Additionally, CrossFi facilitates the tokenization of banking services and loyalty programs. Their crypto-acquiring platform provides ready-made solutions for enterprises and businesses, utilizing payment cards, POS-terminals, and self-service terminals.
The remarkable growth in the number of users utilizing CrossFi blockchain solutions can be attributed to several key factors:
Wide range of products: CrossFi offers an extensive selection of solutions, encompassing both traditional banking services with fiat currencies and services related to cryptocurrencies. Exchange transactions and money transfers can be completed swiftly and effortlessly, even without deep technical expertise. This comprehensive approach appeals to a broader audience, attracting individuals already familiar with traditional banking and those keen to explore the world of cryptocurrencies.
Focus on Entrepreneurship: CrossFi-based products cater to the specific needs of the business community by providing a diverse range of business-specific offerings. Entrepreneurs, who often seek efficient and flexible financial solutions to support their ventures, find that CrossFi-based services grant them access to payment gateways for both fiat and crypto transactions. Moreover, these services enable the implementation of tokenized loyalty programs with NFTs, aligning well with the interests of a young and entrepreneurial audience.
Simplicity and convenience: All services boast a user-friendly interface and seamless integration of various financial services. This ensures a convenient and accessible experience for users. The simplicity of these services plays a critical role in attracting and retaining customers, especially in the highly competitive fintech industry.
Affordability: CrossFi-based solutions actively promote financial inclusion in Vietnam, addressing the fact that a significant portion of the population remains unbanked or underbanked. By offering a diverse range of financial options, these solutions empower individuals and businesses that have previously been excluded from traditional banking systems.
Innovation: The distinctive features of CrossFi-based products, such as payment solutions and acquiring capabilities for both fiat and cryptocurrencies, as well as tokenized loyalty programs with NFTs and the seamless transition to traditional banking services, set them apart from conventional financial platforms. These innovations captivate users who are intrigued by the potential of blockchain and NFT technology.
Benefit: Users of the CrossFi blockchain are rewarded for staking native MPX coins, with an average monthly return of approximately 8% in XFI coins. MPX coins function as a unit of computing power within the CrossFi blockchain, possessing a stable and fixed value. During MPX staking, other native coins of the CrossFi blockchain, namely XFI, are generated. XFI serves as a volatile settlement unit that is utilized across all CrossFi services and can be traded on crypto exchanges. MPX stakers receive rewards in XFI tokens, which can be utilized within CrossFi services or exchanged for other cryptocurrencies on crypto exchanges.
Strategic Partnerships: The CrossFi team actively collaborates with other businesses and financial institutions to expand the capabilities of CrossFi-based solutions, enabling them to reach new customer segments and enhance their offerings.
In the coming months, all CrossFi-based products will be consolidated into a single Finance mobile banking application, streamlining interaction with cryptocurrencies and providing access to financial services for a wide range of users in Vietnam. The application has already obtained a PCI DSS compliance certificate, signifying the high reliability of its software security systems.
Vietnam’s emergence as a digital hub in Southeast Asia stems from the country’s appeal to blockchain initiatives, providing an opportunity to showcase their full potential. By offering users, including entrepreneurs, a combination of traditional and cryptocurrency financial services with high accessibility and a focus on innovation, Vietnam has positioned itself as an attractive destination in the world of blockchain.