Vietnam’s leading Bitcoin Exchange BitcoinVN acquires P2P trading marketplace in strategic acquisition “to further decentralization within existing product range and to make inroad to the attractive European market” according to CEO Nguyen Tran Bao Phuong
P2P Digital Asset trading marketplace Ginero has been acquired by Vietnam’s oldest and leading Bitcoin Exchange conglomerate BitcoinVN.
The acquisition will take place in an “all-cash” deal for the amount of 5 BTC and will result in a 100% acquisition of the equity of the existing shareholders by BitcoinVN.
Ginero launched in 2018 as a P2P Digital Asset marketplace allowing for the exchange between Vietnam Dong and some of the most popular cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, Dash or Litecoin.
P2P marketplaces for digital assets have seen a strong adoption in the past in Vietnam with other notable players being Remitano or Huobi OTC.
Ginero is operating in Europe with a local partner under the brand buycrypto.today – which will be inherited into the new ownership structure under the leadership of BitcoinVN.
“With the strategic acquisition of Ginero and incorporating its technology platform into our BitcoinVN ecosystem we gain on the one side the ability to further decentralize our funding/withdrawal options within our product range while also allowing us via buycrypto.today an inroad into the European market for our product offerings.” commented BitcoinVN’s CEO Nguyen Tran Bao Phuong about the reasons behind the acquisition.
BitcoinVN is planning to utilize the P2P Marketplace technology developed by Ginero to launch its own P2P marketplace in the near future and tightly integrate it with the other product offerings and technological advancements made by BitcoinVN.