Explore BITGP exchange: Cryptocurrency Exchange for Vietnam Market

Introducing BITGP

BITGP is an emerging cryptocurrency exchange in Vietnam, capitalizing on the country’s growing cryptocurrency adoption. Vietnam is currently one of the world’s leading countries in digital asset ownership, with 21.2% of the population participating in the cryptocurrency market.

This creates favorable conditions for platforms like BITGP to develop. Positioned as a localized exchange, BITGP aims to meet the specific needs of Vietnamese investors and traders, providing solutions that are tailored to the characteristics of the domestic market.

The birth of BITGP not only reflects the strong growth of the cryptocurrency industry but also shows the potential of locally focused platforms in a competitive global landscape.

Features and Services

BITGP offers a variety of features and services, designed to serve Vietnamese users:

• Spot Trading : Allows users to buy and sell cryptocurrencies at current market prices, suitable for both beginners and professional traders.

• Futures Trading : Supports futures trading with pairs such as KILO/USDT or GUNUSDT, helping users take advantage of price fluctuations to optimize profits.

• Local payment integration : BITGP's highlight is the VietQR integration , allowing users to quickly top up in VND by scanning QR codes from popular banking or e-wallet applications in Vietnam.

In addition, BITGP regularly updates new trading pairs, demonstrating its commitment to expanding its product portfolio and creating more investment opportunities. These features not only meet trading needs but also enhance convenience, in line with Vietnamese people's digital payment habits.

Outstanding Technical Features

BITGP stands out thanks to its advanced technical features, helping the exchange compete effectively in Vietnam:

• Efficient order matching system : BITGP uses a proprietary order matching engine, ensuring that trades are executed quickly and fairly. The system is capable of processing thousands of transactions per second, suitable for large trading volumes, especially during periods of high market volatility.

• VietQR Integration : BITGP integrates VietQR, a standard QR code system in Vietnam, allowing users to top up VND seamlessly. This feature uses banking APIs to generate dynamic QR codes, ensuring transactions are confirmed in real-time or near real-time, with 0% transaction fees, bringing convenience and cost savings to users.

• API and SDK Support : BITGP provides API and SDK for developers, supporting multiple programming languages ​​such as Java, Python, Node.js, Go and PHP. This allows users to automate trading and integrate the platform with external systems, increasing flexibility and efficiency.

• Scalability : While specifics are not public, BITGP is likely to use modern web technologies like React or Node.js for the frontend and backend, along with cloud services like AWS or Google Cloud to ensure performance and scalability. This will help the exchange handle the rapidly growing user base in Vietnam without any performance issues.

• Multi-blockchain support : BITGP supports trading in over 500 cryptocurrencies, including Bitcoin and Ethereum, demonstrating the ability to integrate with multiple blockchains. This requires a robust technical system to handle transactions across different networks smoothly.

Security

Security is at the core of BITGP, with advanced measures in place to protect user assets and information:

• Offline Multi-Signature Wallet : BITGP uses offline multi-signature wallets to store the majority of digital assets, requiring multiple signatures to make transactions, reducing the risk of hacking. Offline wallets are not connected to the internet, protecting assets from cyber attacks such as phishing or malware.

• User Protection Fund : BITGP is backed by Bitget's $300 million protection fund, which helps compensate users in the event of security incidents or asset loss due to system errors.

• Data Encryption : Transaction data and personal information are encrypted using SSL/TLS protocol, ensuring secure transmission. BITGP can also apply AES-256 encryption standard to protect sensitive information such as private keys and KYC data.

• Two-Factor Authentication (2FA) : Based on industry standards, BITGP may require users to enable 2FA, using a password and a confirmation code via email, SMS or an app like Google Authenticator, to enhance account protection.

These measures build a safe trading environment, which is especially important as Vietnam moves towards higher security standards.

Legal Compliance

In Vietnam, the legal framework for cryptocurrencies is still in its development stage. The government has tasked the Ministry of Finance with completing regulations by May 2025, with a focus on:

• Regulations on ownership of crypto assets.

• Implement anti-money laundering (AML) and know your customer (KYC) measures.

• Apply tax policy to cryptocurrency transactions.

• Set licensing requirements for exchanges and service providers.

As an exchange targeting the Vietnamese market, BITGP has been preparing to comply with upcoming regulations. The integration of VietQR and the ability to implement KYC/AML procedures show that the exchange is proactively adapting to the new legal environment. This not only helps BITGP avoid legal risks but also builds trust with users in the context of increasingly strict regulations.

Development Team

BITGP is a subsidiary of Bitget – a global cryptocurrency exchange with a team of over 1,700 employees, under the leadership of CEO Gracy Chen. With over 10 years of experience in business management, marketing and investment, Gracy Chen brings strategic vision to Bitget and related projects such as BITGP.

Although detailed information about BITGP's own development team has not been made public, the platform was built by experienced experts from Bitget, ensuring stable operation and meeting the needs of the Vietnamese market.

Funding Round

As a branch of Bitget, BITGP does not have its own funding round. Bitget has raised $20 million in three rounds from 2019-2022:

• Seed round 2019: $5 million, to support the early stages of platform development and growth.

• 2021 Series A: $5 million, focused on market expansion and technology improvement.

• 2022 Series B: $10 million, strengthening competitiveness and expanding global scale.

In total, Bitget has raised $20 million, with a recent valuation of $464 million as of June 2024. Since BITGP is part of Bitget, the study suggests that this funding also supports BITGP’s operations in Vietnam, but there is no specific information on whether BITGP has its own fundraising round. This may be because BITGP is a local arm, which does not need to raise its own capital but uses resources from Bitget.

BITGP Will Replace BITGET In Vietnam

BITGP is specifically designed to serve the Vietnamese market, with features and services optimized for local users. While BITGET is a global exchange serving many different markets, BITGP focuses entirely on meeting the specific needs of Vietnamese users.

BITGP's outstanding advantages include support for payment in VND via VietQR, a friendly Vietnamese interface, and the ability to quickly integrate with popular payment methods in Vietnam. These factors give BITGP a competitive advantage over BITGET in the domestic market.

Furthermore, with the legal framework for cryptocurrencies in Vietnam gradually being completed (expected in May 2025), BITGP is better able to adapt and comply with local regulations than BITGET.

Integrating VietQR not only simplifies transactions but is also a strategic move to meet future regulatory requirements, such as anti-money laundering (AML) and know-your-customer (KYC). Therefore, BITGP is not only a branch of BITGET but also has the potential to completely replace BITGET, becoming the leading cryptocurrency exchange in Vietnam in the near future.

Join the HCCVenture community to get the latest market information. Once again, we give our opinion on potential projects in the crypto market. This is not investment advice, consider your portfolio. Disclaimer: The views expressed in this article are solely those of the author and do not represent the platform in any way. This article is not intended to guide investment decisions.

Compiled and analyzed by HCCVenture

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