The strategic partnership of Coinify with Bitcoin Vietnam brings advanced blockchain merchant processing tools to the country’s market.

The new platform offers seamless integration with retail websites or online shops and will support point of sale application for brick-and-mortar shops, says the joint press release of two companies published in English and Vietnamese. Merchants willing to offer more payment options will be able to receive payments in bitcoin, litecoin, dogecoin, ripple, ether, tether and other currencies supported by Coinify, 17 in total. The cryptocurrencies will then be converted into Vietnamese ðong.

Nguyen Tran Bao Phuong, CEO of Bitcoin Vietnam, believes that the new option “will dramatically improve the lack of trust and security which are swirling around legacy payment options like credit cards, Paypal and similar offerings.” It will be especially useful for Vietnamese merchants who sell their goods abroad, “opening up their services to a truly global audience.”

In coming months more merchant processing tools will be launched.

The plan to offer a merchant solution for Vietnamese businesses was unveiled by Dominik Weil, co-founder of Bitcoin Vietnam, in his interview to CoinFox as early as September 2015. The new deal follows the launch of a bitcoin-powered remittance service cash2vn in June 2015 and the start of VBTC bitcoin exchange in September. It is an important step for the cryptocurrency in the Asian country having a 90-million-strong population and one of the quickest-growing economies in the world.

Alexey Tereshchenko