Bithumb Signs MOU With Vietnam’s SSID to Pursue Crypto Exchange Venture

Bithumb is expanding cooperation with overseas financial firms as it builds a base for global business. 

Bithumb said May 7 it signed a broad memorandum of understanding with SSID, a subsidiary of SSI Securities, Vietnam’s largest securities firm, to pursue a virtual-asset exchange business.

Attendees at the signing included Bithumb CEO Lee Jae-won, SSID CEO Nguyen Khac Hai and SSI Securities Chairman Nguyen Duy Hung, the company said. 

The MOU aims to build a strategic partnership to establish and operate an exchange in Vietnam. Subject to regulatory approval for virtual assets in Vietnam, the agreement also leaves open the possibility of a strategic equity investment by Bithumb in an SSID-designated entity. 

The companies plan to cooperate on technology architecture and development, wallet and custody systems, security and risk management, regulatory support and knowledge transfer, business and product development, and institutional business. 

Vietnam’s government last month put into effect a resolution allowing coin trading and the establishment of exchanges through a virtual-asset pilot program to be implemented over the next five years. The pilot limits foreign investor ownership stakes, making joint ventures with local financial firms and IT companies important for domestic exchanges. 

A Bithumb official said cooperation with SSI Securities and SSID reflects international recognition of Bithumb’s exchange operations and transparency. The official said Bithumb will prioritize strict compliance with Vietnam’s regulatory environment and work with its partners to build safe virtual-asset trading infrastructure.