The young Vietnamese man made millions from starting a virtual currency

The young Vietnamese man made millions from starting a virtual currency

Graduated from Washington University majoring in Marketing and Finance, Hoang Manh Khoi gave up his salary of 70,000 USD / year to start a business despite his mother’s fierce opposition.

Born into a family with an accountant father, a mother who worked as a tailor designer, Khoi (born in 1992 in Ho Chi Minh City) considered herself lucky to have studied abroad in the US since she was 12 years old. Khoi’s early life away from home helped Khoi train more autonomy and indeed “self-control” once made his mother “burst out”.

Hoang Manh Khoi.

Hoang Manh Khoi.

Graduated from university in 2014, Khoi quickly got a pretty attractive job at Pitchbook (a technology research firm, market capital and venture capital based in Seattle) as a capital analyst. private equity, starting salary of 70,000 USD / year. After a period of work, bored, the repetitive work behind four boring walls could not keep the young man. Khoi wanted something new, beyond his comfort zone, so he decided to change and choose a startup in Fintech (financial technology).

At the age of 25, Khoi decided to quit his job to find his own direction and of course, his action immediately met fierce opposition from the family, especially his mother. ” My mother saw that I decided to quit my job without any direction, why not worry? “, Khoi shared and said fortunately his father supported and silently advised to help find the direction.

Initially, Khoi spent his time to learn about network finance through Bitcoin, choosing that as the goal and the subject to develop a company of his future. New time to learn Bitcoin, Pursuing speculative demand by increasing and decreasing the value of money in order to make a profit, though small. For a time, he created his own algorithm that is still proud of “many others have not come yet” to automatically earn Bitcoin. The algorithm he named “bitmoon”.

The basis of business consciousness also formed from that. Khoi said that with the special formula to create “bitmoon”, it can automatically monitor the Bitcoin exchange rate and analyze its dynamics. Bitmoon will buy when Bitcoin price goes up and sell when price drops. Thanks to bitmoon automatically analyzing and trading profitable for Khoi, estimated from 6,000 to 7,000 USD per month.

However, the more deeply committed, the more ineffective, did not learn more, Khoi decided to switch to research and exploit a new form of virtual currency, Stablecoin (a currency stabilizing price).

Khoi (left) with a colleague in the office. Photo: NVCC

Khoi (left) with a colleague in the office. Photo: NVCC

Unlike Bitcoin, Stablecoins have a stable value depending on the “basket of money” that the Stablecoin owns. So, price stability is higher than Bitcoin. Transactions via Stablecoins are also completely transparent, clear, with the way of receipt – receipt of money, time of receipt and information security.

” At that time, there was only one company in the United States working on Stablecoins but not reputable. I wondered why with such a large market and only one company, was this not my chance? ” , Khoi recounted and said at that time he officially called for start-up capital. With their persuasive ability, and bold ideas in December 2017 in the first fundraising, 7 investors joined Khoi to start up with the brand Stably. Among them are the two big investors 500 Vietnamese Startup and Beenext (Singapore) with a capital of 500,000 USD.

$ 500,000 for the first call is indeed a more optimistic figure. At the end of 2018 Khoi officially established its own company, raising its ambition to turn it into a “unicorn” in the field of Stablecoin.

In 2018, Starbly was founded with a team of bankers and engineers, totaling $ 2 million. In 2019, Starbly launched the first USD Stablecoin (mortgage mortgage currency in USD). “When the USDs just came out, Binance was the world’s largest electronic trading platform. It was suddenly listed on that platform. Only five names were allowed to stand on the platform. that prestigious name, becoming the 7th largest USD mortgage currency in the world. The company is currently worth $ 20-30 million. “The core element of Starbly is building a good algorithm on the ground. Blockchain platform simultaneously applies new technology to help build credibility, “Khoi shared the development viewpoint.

Returning to Vietnam in the last days of September, the speaker of the conference discussing “Legal framework with Blockchain-related applications” Khoi surprised many people when creating success in a very new field. While Blockchain technology and the value of Stablecoins are still causing many concerns for managers and investors, Khoi has achieved success and wants to develop it to many countries.

The man from Saigon raises hopes of returning to his homeland to help startups create their own cryptocurrency. Because Khoi realized that the large value of investment from Stablecoins brought to many partners, but in order to do so in need of legal regulations, Stablecoins have a place or value to use. Khoi said that Stably will soon launch the gold mortgage stablecoin market.