Bithumb Partners with SSI Digital to Launch Crypto Exchange in Vietnam

Overview

Bithumb, the second-largest cryptocurrency exchange in South Korea, has entered into a strategic partnership with SSI Digital (SSID), a subsidiary of SSI Securities Corporation (SSI), to develop and operate a crypto exchange in Vietnam under the country’s pilot digital asset program. The agreement, signed in Hanoi in early March but announced on May 7, positions SSI as a key player in Vietnam’s emerging regulated crypto market.

Key Facts

• Bithumb is the second-largest crypto exchange in South Korea.
• The partnership was signed in Hanoi in early March and announced on May 7.
• SSI Digital (SSID) is a subsidiary of SSI Securities Corporation (SSI), listed on HOSE.
• Vietnam ranks fourth globally in cryptocurrency adoption according to Chainalysis (2025).
• Vietnam’s pilot program requires operators to be domestic entities with minimum charter capital of VND 10,000 billion (approx. USD 380 million) and foreign ownership below 49%.
• Bithumb is considering a strategic investment in an entity designated by SSID, pending Vietnamese regulatory approval.
• Five companies have submitted valid applications for the pilot, including CAEX (backed by OKX Ventures and HashKey Capital) and others.

What Happened

Bithumb and SSI Digital (SSID) have formed a strategic partnership to jointly develop and operate a crypto exchange in Vietnam, taking advantage of the country’s pilot digital asset program. The collaboration covers technology architecture, digital wallet and custody systems, security and risk management, regulatory compliance, knowledge transfer, and institutional client development. Bithumb will contribute its exchange operations experience and cybersecurity capabilities, while SSI and SSID leverage local market knowledge, financial network, and institutional relationships.

The announcement follows the Vietnamese government’s Resolution 05/2025/NQ-CP, which launched a 5-year pilot program for digital asset exchanges. Participants must be domestic legal entities with minimum charter capital of VND 10,000 billion and foreign ownership capped at 49%. Bithumb’s potential strategic investment in an SSID-designated entity is subject to regulatory approval.

Market Context

SSI shares closed at VND 29,000 on April 15, 2026, up 0.17% with volume of 22.2 million shares. The partnership positions SSI, Vietnam’s largest securities company by market share, to enter the digital asset space, a sector with high retail interest in Vietnam. The move aligns with global trends of traditional financial institutions expanding into crypto services. SSI trades on HOSE.

Strategic Significance

This partnership allows SSI to leverage its dominant position in Vietnam’s securities market to enter the regulated crypto exchange space, potentially capturing a significant share of the country’s high crypto adoption market. The collaboration with Bithumb provides SSI with proven technology and operational expertise, while Bithumb gains access to Vietnam’s fast-growing market through a trusted local partner. The pilot program’s strict capital requirements and foreign ownership limits favor established domestic players like SSI, which has the financial capacity and regulatory standing to meet the conditions.

What to Watch

• Regulatory approval for Bithumb’s potential strategic investment in an SSID-designated entity.
• Progress of SSI Digital’s application for a pilot exchange license.
• SSI’s Q2 2026 earnings release for commentary on digital asset initiatives.
• Competitive dynamics with other pilot applicants, particularly CAEX backed by OKX Ventures and HashKey Capital.
• Updates on Vietnam’s final regulatory framework for digital assets post-pilot.