Lightning Network Sees Massive Support in Vietnam

Asia continues to drive Lightning Network adoption thanks to several advantageous projects and growing popularity. One prime example of this scenario in action is the recent strategic partnership between FinFan and Neutron.

The companies have joined forces to provide the Vietnamese community with direct access to reliable Lightning Network infrastructure geared towards enterprises across the country.

Reliable Infrastructure Needed

As more companies turn towards Bitcoin as a viable way to transfer value, the Lightning Network’s role has become increasingly vital to these actions. However, unlike Bitcoin, it’s much more complicated to find and use trusted, compliance-ready Lightning Network protocols.

Source – FinFan

Thankfully, recent improvements have helped make integration smoother, enabling companies to enjoy faster settlement, lower fees, and now, access to compliant rails specifically designed to drive global commerce. Notably, this deal will utilize FinFans’ already established local presence and its regulatory foundation to deliver Neutrons’ global access.

The project will make it simple for companies to gain access to vital LN-powered tools that include enterprise controls, auditing features, and open-finance connectivity via APIs. These features will allow local businesses to tap into the global digital market with minimal effort and risk.

What’s Driving Adoption

Vietnam, in particular, has seen a sudden influx of users seeking out Lightning Network Bitcoin. Consequently, this latest partnership is seen as a way to address the rising demand for Bitcoin payments and access to digital assets for use in international commerce or remittance.

Merchant

At the core of this demand is a drive by merchants to start accepting cryptocurrencies. These assets provide faster settlement, real-time transfers, and a host of other benefits that have made merchants eager to integrate blockchain assets into their business model.

Remittance

Another driving factor is remittance payments. Reports show that by the end of the year, Vietnam’s remittance payments will reach $16.07B in value. Integrating blockchain assets like the Lightning Network-powered Bitcoin will save recipients on fees and other costs.

Global Real Time Payments

One of the prime reasons why Bitcoin has found growing support in Vietnam is a desire to participate in the global economy on a larger scale. Lightning-powered Bitcoin provides instant payments across borders without any FX losses. Additionally, it costs only a fraction compared to sending value via fiat options.

FinFan

The Vietnamese cross-border payment service provider FinFan entered the market in 2007. It was founded by Dr. Nguyễn Tuyên to serve the growing number of international B2B payments. Its goal is to build an international framework that supports fast, cost-effective, borderless payments.

Neutron

Neutron entered the market in 2019. Its founder, Albert Buu, saw the potential that blockchain assets like Bitcoin brought to the remittance sector. His company focuses on Lightning Network-powered protocols that reduce Bitcoin payment costs and support easy integration via APIs.

Lightning Network Expands in Vietnam

This latest development highlights how more regions have become aware of the benefit that the Lightning Network brings to the table. You can expect to see this trend play out anywhere where remittance payments and international commerce have taken a front seat.

Learn About Other Cool Lightning Network Developments Here.