The logo of Kyber Network is seen at its office in Hanoi. Photo courtesy YouTube channel
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.
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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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