The Vietnamese financial market is akin to the local music industry in the early 2000s, dominated by the sentimental Bolero genre. This style of music had clear rules, was easy to listen to and evoke emotions, and had a loyal fan base (traditional investors). The “artists” (listed companies) were familiar faces, managed by major record labels (banks and investment funds).
However, a new genre emerged from the “underground” scene – Rap/Hip-hop. Initially, it was considered unconventional and challenging to grasp, appealing primarily to a small group of rebellious youth. The “rappers” (crypto projects) self-produced and released their music on independent platforms, operating entirely outside the realm of the established labels.
As rap/hip-hop gained popularity, the rappers rose to superstardom, and here’s the twist: Two savvy Bolero “moguls,” TCBS and VIX, declared, “Let’s put on a Rap Viet show for these crypto folks!”
This show has effectively received the green light from the “Ministry of Culture” (the National Assembly), signaling the official endorsement of this “digital asset” genre in Vietnam.
Shortly after, the “Event Organizer” (Blockchain Association Chairman) took the stage to reveal that the first season would feature only about five “hot seats” (licensed exchanges) for producers to compete.
Our two “promoters” wasted no time and established event organizing companies, TCEX (backed by Techcombank) and VIXEX (backed by VIX), injecting enormous amounts of capital, ranging from a few hundred to thousands of billion, to build a grand stage.
So, how does this affect your “rice bowl”?
Instead of trading on those small, English-dominated exchanges, you’ll now have a playground backed by Vietnamese “big boys.” It’s safer, with Vietnamese support when orders get stuck, and most importantly, you won’t have to worry about waking up one day to find your exchange and money gone.
When major “promoters” get involved, they set clear rules. The fake “rappers” who engage in pointless “dissing” (scam projects) will be weeded out. Only those with exceptional “flow” and meaningful “lyrics” (quality projects) will make it to the main stage. The market will become less “wild” and far more professional.
In conclusion, the underground crypto scene is about to step into the spotlight. Get ready for a “Rap Viet” season, digital asset edition.
