In a recent announcement, Vietnam’s leading Lightning payment processor Neutronpay revealed the successful closing of its latest funding round ($2.25m) which saw quite a few of high-profile Bitcoin firms and investors laying their eyes on the expanding market in Vietnam.
Neutronpay has been the brain-child of Canadian Viet Kieu Albert Buu who was leveraging his previous experience in the payment industry as well as another Vancouver-based Bitcoin startup to launch in 2019 his newest undertaking.
Neutronpay aims to bring Lightning payments to on- & offline merchants with a special focus on the markets in Vietnam and Canada (which boasts one of the largest Vietnamese overseas communities with 250,000 residents of Vietnamese descent).
Vietnam has recently been gaining more spotlight as it has been designated by Bitcoin Magazine and others as “ leading the world in adoption” – and while that claim might be a bit exaggerated in terms of actual Bitcoin adoption, the South East nation of over a hundred million people is known for its rapid and opportunistic adoption of new technology in general.
The latest funding round was led by Hivemind Ventures and saw additional funding by venture firms Republic, Cavalry, Ride Wave, Studio, Iterative, Fulgur Ventures and individual investors Bill Crowley (former Chief Product Officer – Hyperwallet) and Lisa Shields (Founder & former CEO – Hyperwallet *Acquired by PayPal).
Neutronpay raised its pre-seed round by BitcoinVN Ventures in spring of 2021 and has since then further built out its infrastructure and footprint in Vietnam in close collaboration with the team of BitcoinVN which has been operating the country’s oldest Bitcoin Exchange service since early 2014.
BitcoinVN’s Dominik Weil:
“This is the first larger overseas investment into a Vietnamese Bitcoin firm and we expect this to be just the beginning of a larger trend to come over this decade.
We have been obviously bullish on the Vietnamese market for quite a few years, but there is quite a confidence gap to bridge for Western investors to see and understand the potential in this high-growth market.
We are glad that the initial trust we placed in Albert and his team has been validated by some very prolific Bitcoin-centric investors and hope to welcome more Bitcoiners and Bitcoin activity in Vietnam soon!”
“Vietnam was the ideal place to push Bitcoin Lightning in my view. Neutronpay started out in Vancouver, Canada but quickly realized.there wasn’t a need for another payment rail in North America,.Vietnam immediately came to mind. I’m Vietnamese, so bringing my experience in the space.and the Lightning Network technology which allows for instant global transactions.on the most secure, and open network in the world was something that just made sense. Vietnam is one of the fastest growing countries in the world by GDP,.meaning Vietnam would excel in financial payments in the next few years. I believe with we’re providing at Neutronpay will help Vietnam.in a very impactful way for generations, and will put it on the map as a global innovative financial hub contender.over the next few years for businesses and consumers all around South East Asia.”