Welcome to the November 2023 edition of our Monthly Report, where we keep you updated on BitcoinVN, your premier Bitcoin & Cryptocurrency Exchange in Vietnam.
📈 Business news
November marked another month of bullish sentiment, with the BTC price climbing from $34k to nearly $39k.
Our exchange volume experienced a slight decrease of 12% compared to the previous month, yet we still surpassed September’s performance.
🏧 More infrastructure for the unbanked – Cash Office Huế & Bitcoin ATM network
At BitcoinVN, we take building infrastructure for the unbanked serious.
Dealing with traditional banks can be a hassle, a fact our team members know all too well; some have even opted to go completely unbanked.
It is a personal mission for us.
As such, we are happy that November brought about the official opening of our Cash Office in Huế, the former capital of Vietnam.
Furthermore, our Bitcoin ATM operations have expanded towards District 7 in Ho Chi Minh City.
Although our popular El Gaucho location in District 2 is temporarily closed for renovation, we plan to reopen after the Vietnamese Lunar New Year celebrations in early 2024!
💸 USDT dethrones VND
Due to various partner integrations with our API, USDT is now the most deposited asset on BitcoinVN, relegating the local currency, VND, to second place.
However, 93% of these USDT deposits are converted into VND.
Top 10 deposit assets
🟠 Crypto-to-crypto swaps gaining traction
Since introducing crypto-to-crypto swaps in 2021, they have gradually increased their share of our exchange volume, now accounting for about 10%.
A significant portion of this volume involves swaps with XMR, boosting staking returns to nearly 50%.
Monero APR
Given their focus on privacy and security, Monero users generally prefer not to give up custody of their coins, even with such attractive returns.
For this reason, there is little downwards pressure on the APR, making it more profitable for those willing to take the risk.
🆕 Product updates
- We’ve removed the requirement to submit a phone number for cash pickup settlements. Simply talk to us via the chat widget on the order page.
- Added login options via Google and Telegram.
That’s all for now. See you in our next update!
Your BitcoinVN Team
