• AEX reported that its user base is growing in Thailand, Vietnam, Russia, the United States and Canada
  • A recent survey by consumer insights provider Toluna found that the countries most receptive to cryptocurrency were Vietnam, the Philippines, Thailand, and India.

A digital asset platform has earmarked $100 million for the development of the blockchain industry in Vietnam as residents of the country have shown strong interest in cryptocurrencies.

The platform, AEX, plans to offer crypto financial derivatives in Vietnam, open an office and support the country’s blockchain ecosystem with the $100 million fund.

AEX brand manager Shergina Asya said in a statement on Monday that Southeast Asia was key to the company’s continued global expansion and Vietnam was a key country in the region.

The company, founded in 2013, supports over 300 tokens and has over 1 million users.

The first $100 million will support local space-focused projects. The company’s plans include providing high-quality decentralized finance (DeFi) projects with liquidity incentives and bringing crypto-finance companies into compliance with regulations.

AEX also plans to launch the Vietnam Blockchain Technology Competition and Hackathon in the second half of the year.

A company spokesperson did not immediately return a request for comment.

Vietnam’s finance ministry set up a research group last year, and the country’s prime minister later called on the country’s central bank to start working on a crypto pilot.

A recently published survey by consumer insights provider Toluna found that people in developing countries have a more positive view of cryptocurrency than people in wealthier developed countries. The report surveyed 9,000 people aged 18 to 64 in 17 countries.

Positive attitudes were particularly true in the Asia-Pacific region and Latin America, according to the survey, which noted that the most crypto-receptive countries were India, Vietnam, the Philippines and Thailand.

Forty-one percent of people in Vietnam, Indonesia, and Thailand said they invested in crypto because of its near-term growth potential.

AEX launched its globalization strategy last June and saw in December that its user base was growing in Thailand, Vietnam, Russia, the United States and Canada.

The latest announcement comes as crypto exchanges take hold across the globe.

FTX has partnered with Africa-based AZA Finance to expand the adoption of Web3 and digital currencies across the continent. The exchange most recently launched FTX Australia.

Binance and FTX also recently secured virtual asset licenses in Dubai after the emirate revealed its first cryptocurrency legislation earlier this month.

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  • Ben Strack

    Ben Strack is a Denver-based journalist who covers macro and crypto-native funds, financial advisors, structured products, and the integration of digital assets and decentralized finance (DeFi) into traditional finance. Prior to joining Blockworks, he covered the asset management industry for Fund Intelligence and served as a reporter and editor for various local Long Island newspapers. He graduated from the University of Maryland with a degree in journalism. Contact Ben by email at [email protected]