Vietnamese Web3 coalition Ninety Eight, creator of the Coin98 decentralized finance (DeFi) ecosystem, has established a $25 million ecosystem fund aimed at accelerating Web3 startups in Asia. The fund will provide selected startups with financial and strategic support, as well as access to the Viction layer-1 blockchain infrastructure for low-fee transactions and enhanced security. Ninety-eight's native token, C98, plays a central role in the ecosystem and enables users to store, send, receive, manage crypto assets, and connect to decentralized applications across over 40 blockchains.
Ninety Eight, a Vietnamese Web3 coalition and creator of the Coin98 decentralized finance (DeFi) ecosystem, has introduced a $25 million ecosystem fund with the objective of nurturing Web3 startups in Asia. The fund is designed to provide selected startups with both financial and strategic support to help them grow and prosper in the evolving Web3 landscape.
One distinguishing feature of the Ninety-Eight Ecosystem Fund is its utilization of the Viction Layer-1 blockchain infrastructure. This infrastructure offers startups access to a platform that facilitates low-fee transactions and enhanced security, addressing key challenges often faced by early-stage companies in the Web3 space.
The fund is further underpinned by Ninety Eight's native token, C98, which was initially designed as a wallet token. C98 serves a multifaceted role by enabling users to store, send, receive, and manage various cryptographic assets. Additionally, the token empowers users to connect with decentralized applications (dApps) on more than 40 different blockchains. Coin98's DeFi platform offers users access to essential features like cross-chain swaps, staking, and yield farming.
The management of the Ecosystem Fund will be entrusted to Arche Fund, a venture arm within the Ninety-Eight ecosystem. Arche Fund will oversee the fund's operations and collaborate closely with the selected startups to maximize their growth potential.
Ninety Eight's commitment to fostering Web3 innovation is not limited to the newly established Ecosystem Fund. The company previously launched the Vietnam Future Fund in June, which specifically supports Vietnamese Web3 startups. The initiative aims to assist startups from Vietnam in overcoming challenges related to global expansion, leveraging Ninety Eight's expertise and resources to drive success in the competitive Web3 arena.
As Vietnam leads the world in crypto adoption, according to blockchain analytics firm Chainalysis, the demand for supporting initiatives like the Ecosystem Fund is evident. Despite being a crypto-friendly nation, only a handful of Vietnamese educational institutions offer blockchain courses, and the presence of blockchain infrastructure projects within the Southeast Asian country is limited, with only eight such projects reported.
Ninety-eight's dedication to fostering Web3 development and supporting startups aligns with the growing demand for blockchain and crypto-related initiatives in the region. This new fund is positioned to make a positive impact on the Asia-Pacific Web3 ecosystem and the broader crypto industry.
(ZHIYUAN SUN, COINTELEGRAPH, 2023)