Vietnam has emerged as a key player in the international cryptocurrency market, with about 17% of its population possessing digital currencies.
- Bitcoin is the most popular digital currency, with 16.6 million Vietnamese owners.
- Vietnam is the world’s cryptocurrency adoption leader with a score of 1.000.
- Axie Infinity, Coin98, and Kyber Network are three Vietnamese-founded businesses that rank among the top 200 blockchain enterprises worldwide.
Crypto Market Report
According to the “Vietnam Crypto Market Report 2022,” with 17% of its people investing in cryptocurrencies, Vietnam is one of the top nations for cryptocurrency adoption. This means that the majority of cryptocurrencies, bitcoin, are owned by about 16.6 million Vietnamese people.
With a perfect score of 1.000, Chainalysis has also classified Vietnam as the world leader in bitcoin adoption. The Philippines and Ukraine, which came in second and third, respectively, are ranked below the Asian nation in this survey.
Bitcoin the Most Popular Asset
Bitcoin is the most popular digital asset in Vietnam, according to the “Vietnam Crypto Market Report 2022,” with 31% of investors. Thailand is the only nation in the Association of Southeast Asian States (ASEAN) with more cryptocurrency investors than Vietnam, according to the report.
Vietnam is home to a large number of cryptocurrency investors as well as numerous blockchain initiatives that concentrate on GameFi (Game Finance), NFTs, or Web3. Axie Infinity, Coin98, and Kyber Network are just a few of the top 200 blockchain companies founded by Vietnamese entrepreneurs.
Axie Infinity: From Hacking Scandal to Success
The blockchain-based game Axie Infinity has gone through its fair share of ups and downs. The game was the target of the Lazarus Group, a North Korean hacking group, in March 2022, which stole approximately $600 million in cryptocurrency from the Ronin Network. This Ethereum-linked sidechain drives Axie Infinity. After making security policy improvements, the project resumed operations three months later.
Despite this setback, Axie Infinity has maintained its popularity; at the start of 2022, there were around three million users. Before peaking once more at the beginning of 2023, the user base fell below one million in the months that followed. Vietnam was identified as the world leader in cryptocurrency adoption by Chainalysis’ “2022 Global Crypto Adoption Index” report, with a portion of this success attributable to the tremendous demand for blockchain-based games in the area.
Conclusion
With almost 16.6 million Vietnamese owning digital currencies, Vietnam has emerged as one of the top nations for cryptocurrency adoption. The most favored digital asset in Vietnam is bitcoin, thanks to its appeal among local investors. Vietnam has also been prosperous in cryptocurrency thanks to its interest in blockchain-based games like Axie Infinity, with the nation being named the world’s top in bitcoin adoption by Chainalysis.
Vietnam’s standing in the sector is anticipated to grow even more vital as the cryptocurrency market continues to expand and change. Vietnam is devoted to fully utilizing the potential of blockchain technology, given that the nation is home to various blockchain initiatives that mainly concentrate on GameFi, NFTs, or Web3. It would be interesting to observe how Vietnam maintains its position as a global leader in the cryptocurrency industry as cryptocurrency adoption grows worldwide.
