Vietnamese cryptocurrency hits $9 bln market cap a nine-time surge in two months.
According to cryptocurrency database CoinMarketCap, an AXS coin is now priced at $149.57, rising 75 percent in the last four days.
The data showed, AXS now ranks as the 20 biggest cryptocurrencies in the world. Its market cap reached $1 billion for the first time in July, according to a report by Global Business Services LLC (GBS), a global business and legal services company in Vietnam.
###: Vietnam has the second highest rate in terms of cryptocurrency use
Axie Infinity (AXS) is a blockchain-based game in which players buy non-fungible tokens of monsters and then battle them against each other. AXS is a native token and it costs four of them to “breed” a monster.
The project was developed by Sky Mavis company, which founded by Nguyen Thanh Trung since 2017, VNExpress reported.
Vietnam leads globally in cryptocurrency adoption with 41 percent of respondents claiming to have bought Bitcoin and the like, according to a recent survey by GBS.
According to Sophie Dao, Partner at GBS, both Bitcoin and other cryptocurrencies are not recognized as a legitimate means of payment. The State Bank of Vietnam has warned that owning, trading and using cryptocurrencies are risky and not protected by law.