Da Nang partners with crypto exchange Binance to develop blockchain technology

The signing was witnessed by Vietnamese Deputy Prime Minister Nguyen Hoa Binh during his working visit to the UAE.

At the meeting with Richard Teng, CEO of Binance and former CEO of Abu Dhabi Global Market, Deputy Prime Minister Binh expressed interest in Binance establishing a regional office in Da Nang and working closely with the planned Vietnam international financial center to build a digital asset trading platform. 

He also invited Teng to serve as a senior advisor to the center's establishment and growth.

Teng affirmed Binance's readiness to share expertise and support Vietnam in promoting the development of its digital asset market, drawing on experience from the Abu Dhabi financial center model.

Binance is the world's largest cryptocurrency exchange, providing a platform for over 350 digital currencies. 

Founded in 2017, it currently serves about 90 million users worldwide, with a daily trading volume of US$76 billion. The company operates in more than 180 countries.

Da Nang has already approved a pilot program for controlled testing of digital asset technologies. 

The project includes Basal Pay software, developed by Alphatrue Solutions Joint Stock Company, a newly established firm in the city. 

The pilot will first be implemented in Da Nang, with expansion planned for Hanoi, Ho Chi Minh City, and other major areas with strong demand for digital asset exchange.