Digital asset market today September 24: IDGX (IDG Capital Vietnam) signed a strategic cooperation agreement with BDACS – Korea’s leading digital asset custody company.

Korean “giant” joins hands with IDG Capital, domestic digital asset market gets “hotter”

On September 23, according to information on the official fanpage, IDGX – a digital asset investment company based in Vietnam under IDG Capital Vietnam – signed a strategic cooperation agreement with BDACS, one of the leading licensed digital asset custody units for organizations in Korea.

This agreement paves the way for the establishment of a joint venture (JV) to build the first international standard digital asset trading and custody infrastructure in Vietnam. IDGX and BDACS aim to form a digital asset financial center , integrating key services such as trading and custody, while also aligning with new orientations and legal frameworks to make Vietnam the leading digital asset center in Southeast Asia.

IDGX signed a strategic cooperation agreement with BDACS. Photo from IDGX fanpage

The joint venture is expected to launch this year, starting operations within the regulatory sandbox.

Notably, BDACS recently introduced KRW1 – the first stablecoin pegged to the won, backed 1:1 by Woori Bank and issued on the Avalanche blockchain. However, this product is currently only in the internal testing phase (PoC), not yet widely announced due to the unclear legal framework for stablecoins in Korea.

Previously, in August, Dunamu Group signed a memorandum of understanding with the Military Commercial Joint Stock Bank (MB) to deploy the first domestic digital asset trading floor in Vietnam.

Recently, a series of businesses have established crypto-asset trading floors in Vietnam. Most recently, CAEX was established on September 19 with a charter capital of VND 25 billion, with capital contributions from VPBankS, LynkiD and Future Land. Previously, DNEX (September 9) was established with a capital of VND 2 billion; VIXEX (August 26) attracted attention with a capital of up to VND 1,000 billion; and TCEX, part of the Techcombank ecosystem, was launched in May. In addition, SSI also promotes digital technology, cooperating with Tether, U2U and AWS to develop digital financial infrastructure in Vietnam.

Digital asset market today September 24: Continued decline

Updated at 7am, September 24 (Vietnam time), according to Coindesk, the entire crypto market continued to decline, although not as strongly as before.

Bitcoin price is trading around 112,093%, down 0.61%, market capitalization reaches 2,230 billion USD. According to records, at the lowest point in the past 24 hours, Bitcoin dropped to 111,612 USD.

Meanwhile, Ethereum (-0.81%), XRP (0.91%), Solana (-2.88%), Dogecoin (-1.62), TRON (-1.14%)… also decreased simultaneously.

The decline comes amid a broader correction in the cryptocurrency market. These sell-offs have triggered a wave of liquidations that hit long-term traders the hardest. As bullish sentiment wanes, these investors are at risk of further losses.

Despite this, BitMEX co-founder Arthur Hayes still made headlines when he asserted that Bitcoin could reach $250,000 by the end of this year. Speaking at the KBW 2025 Blockchain Conference, he said that BTC’s strong rally will be fueled by an increase in global money supply amid easing policies by central banks.

Chinese court rejects legality of cryptocurrency

The Tongling Intermediate People’s Court (Anhui Province) has just dismissed Mr. Ding’s lawsuit related to Tether (USDT) transactions with Mr. Wu, affirming that cryptocurrency transactions in China have no legal value.

The ruling reflects the consistent stance of the Chinese legal system: any loss from digital assets will not be protected by law. It is also a move in line with the strict management and prohibition policy that Beijing has maintained for many years. However, the People’s Bank of China and Tether have not yet made official comments.

In fact, China has repeatedly declared cryptocurrency-denominated contracts invalid since 2021. The new decision further solidifies its stance of “not recognizing” cryptocurrencies and could set a precedent for future cases.

However, the move had little impact on the global market: Tether’s price remained at $1, its market capitalization reached $172.88 billion, and its 24-hour trading volume was over $178 billion, up nearly 66%. The small movement (+0.03%) suggests that international investors were not significantly affected.