Linh Thanh Group – the name of Vietnam’s most extensive distribution company, is allegedly teaming up with a Swiss blockchain company KRONN Ventures to create the South-east Asian nation’s first fully-authorised cryptocurrency exchange.

The information was announced in a press release, which stated that the two firms have signed a memorandum of understanding and have also acquired the license to establish a crypto exchange in Vietnam.

This news comes after KRONN Ventures AG assembled a plethora of financial bodies from Vietnam, Philippines, Cambodia, Bangladesh, and Sri Lanka in order to create a consortium late last year.

The consortium was founded with the aim of constructing an international wiring system which would utilise blockchain technology.

The above-mentioned press release also stated that Linh Thanh Group and KRONN Ventures are the processes of constructing “a world-class cryptocurrency exchange.” This rumour could very well hold merit as Zurich is often hailed as one of the leading crypto and blockchain hubs on the planet. Furthermore, KRONN has also in the past collaborated with London’s King College for work on an AI research facility.

The press release stated:

“The industry expectation is that by combining Linh Thanh Group’s massive distribution network, which is the largest in Vietnam, with the world-class technology of KRONN Ventures, the impact will be widely felt not only in Vietnam but also in other surrounding Asian countries.”

This move by Linh Thanh Group and KRONN Ventures is one that is more than likely fueled by the desire of many emerging Asian nations to not fall behind in the cryptocurrency race as the industry progresses along the inevitable positive trajectory it is currently on.

With nations such as South Korea and Hong Kong leading the charge with regards to crypto adoption, it is only a matter of time before other South-east Asian nations such as Vietnam decide to dive into the emerging industry of cryptocurrency and blockchain.