Monday , June 17 2024

3rd Vietnamese cryptocurrency joins billion-dollar club

Kyber Network has become the third Vietnamese cryptocurrency to achieve market capitalization of US$1 billion.

KNC rose from $1.5 in January to over $5.5 Thursday morning, making it the world’s 80th largest cryptocurrency.

Kyber Vietnam, the company behind it, was founded in 2017 by two Vietnamese developers, Victor Tran and Luu The Loi.

KNCs market cap. Photo courtesy of CoinMarketCap.

KNC’s market cap. Photo courtesy of CoinMarketCap.

It raised $52 million that year through an initial coin offering, the cryptocurrency equivalent of an initial public offering.

Its main products include KyberSwap, one of the world’s largest decentralized exchanges with a total transaction value of over $7.3 billion, and asset management platform Krystal.

Fintech blog CoinTelegraph attributed Kyber’s growth to the integration between KyberSwap and BitTorrent Chain, its 11th supported cryptocurrency.

The first two Vietnamese cryptocurrencies to exceed $1 billion in market cap were AXS by blockchain-based game developer Axie Infinity and C98 of Coin98.

Kyber Network has issued a total of more than 200 million tokens, but only 177 million of them have been transferred to the second version of KNC.

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